Metals breaking out, stocks breaking out. This combination has not been kind to crypto so far, so we're either heading into some kind of epic blow off top, or the bottom on Bitcoin is still not in.
But, I've been hearing wave 5 and blow off top a lot over the years, in the past I may even have been party to these suggestions, but it never plays out. So either this time is actually different, or people are getting ahead of themselves, again.
To be fair, including to my own calls, whilst I was looking for lower prices from Nov last year, in Feb I thought a mid-cycle reversal 'could' play out due to the macro setup.
It didn't, egg on my face, but that was six months ago, and I've been favouring the downward trend since, looking strictly for a confirmation of reversal before I call it.
I've still got one eye on the macro though, and I see it still lining up. I see the ISM rising further and I see the breakout on Copper/Gold. If history has a say, then it's the right backdrop.
However, what I don't see is Bitcoin reacting to this setup. Copper/Gold and the ISM broke out six months ago and Bitcoin still has not responded. So it makes sense to focus on price.
The downtrend is still intact, and Bitcoin needs to clear 66.7k 'at least' before any meaningful reversal can occur. Nice potential inverted head and shoulders or maybe cup and handle, but nothing confirmed yet.
Ten months down from the highs, we are almost certainly close, but I'm not putting a date on it and it could run longer than feels comfortable. Bitcoin needs to prove the bottom is in, and that level for me today is 74k, otherwise I still favour the trend and another leg down towards 50k.
If Bitcoin continues to do nothing for another couple of months, and macro continues to look good, the setup on the other side will be a full macro wave 3, not any sort of mid-cycle or late mid-cycle final rally.
The only thing to do is DCA and wait.
BTCActivation price $64,908.97Direction LongType ConditionalTrigger Break Above 74000Timeframe Mid
PENDING TRIGGER
Crypto Twitter is all the same stuff rn. "Bitcoin is in a macro accumulation zone". Yes, we know, we've been saying it since the February lows. 60k down to 50k is the zone, imo. There are no guarantees, but if history repeats, that is where the bottom forms, whether already in or not. Then dominance falls, altcoins outperform, and number goes up. Everything is cyclical, you've just got to wait!
BTCActivation price $65,713.21Direction LongType ConditionalTrigger Sweep Below (Reversal Up) 60000Timeframe Long
PENDING TRIGGER
Crypto Twitter is all the same stuff rn. "Bitcoin is in a macro accumulation zone". Yes, we know, we've been saying it since the February lows. 60k down to 50k is the zone, imo. There are no guarantees, but if history repeats, that is where the bottom forms, whether already in or not. Then dominance falls, altcoins outperform, and number goes up. Everything is cyclical, you've got to wait!
BTCActivation price $65,713.21Direction LongType ConditionalTrigger Sweep Below (Reversal Up) 60000Timeframe Long
PENDING TRIGGER
I've advocated for buying the February lows, and I'm advocating for buying this dip too. If Bitcoin goes lower, I think anywhere down to approximately 50k is possible, and I would advocate for buying there too. The 50-65k range will make good long term buys, especially for people adding to existing Bitcoin stacks. Everyone wants to buy the dip, but when it comes they wait to buy a bigger one. The current double bottom formation is convincing, and a possibility, but while I think the 50s will likely come, I'm not so sure there will be opportunity lower. My message has been, and will continue to be, to take advantage of all major lows for the whole year until a new major uptrend is established.
BTCActivation price $63,242.84Direction LongType DirectionalTimeframe Long
Max Favorable +6.4%Max Adverse −8.6%ACTIVE
Because the recent Bitcoin cycle was not a broad crypto cycle, it didn't create the large numbers of altcoin bag holders we usually see, at least not to the levels we saw in 2018 and 2022. Perhaps this is why we are seeing some altcoins shrugging off Bitcoin's recent downward trajectory.
The reasons for the lack of breadth were twofold, in my opinion: continued fallout and distrust in the space after FTX, Celsius, BlockFi, Three Arrows, Voyager, and Terraform all collapsed, compounded by persistent poor macro conditions that we can observe in many indicators.
So while the tourists are over in stocks buying loss-making AI startups with ridiculous valuations, I suspect that those still in crypto today have probably been here before.
In 2022, many crypto projects bottomed in June and did not make lower lows with Bitcoin later that year. This could be a similar situation. With macro slowly picking up, and after eight months of downside, now is not the time to be leaving.

BTCActivation price $67,135.99Direction LongType DirectionalTimeframe Long
Max Favorable +0.6%Max Adverse −13.9%ACTIVE