"No Emotion" - Bitcoin Metric Gives $35,000 as Next BTC Low Macro Price

Bitcoin market participants shouldn't act out of emotion, trader advises, as long-term data continues to match bear markets previous.

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Bitcoin (BTC) is showing signs of macro bottoming in a “business as usual” bear market, according to the data.

In new findings published on October 13, well-known Twitter trader Alan revealed that BTC price action closely mimics previous cycles.

Trader on Stoch data: 'Don't get rattled'

While some worry about the current state of Bitcoin and crypto markets, on-chain indicators have long suggested that the 2022 bear market is comfortably similar to previous ones.

Looking at the one-month stochastic chart for BTC/USD, Alan pointed out that Bitcoin was repeating a pattern common to the bear markets of 2014 and 2018.

Stochastic oscillators are classic tools for identifying price cycles and bullish and bearish interactions.

Bitcoin is no exception, with low stochastic monthly readings matching bear market lows perfectly, as confirmed by data from Cointelegraph Markets Pro and TradingView.

Now those lows are back - numbers that only appeared three times before.

BTC/USD 1 Month Candle Chart ( Bitstamp ) with stochastic indicator. Source: TradingView

Not only does Stoch call for an imminent new BTC macro price, but it can also be used to determine where Bitcoin might bottom in the future.

Inferring potential price levels from existing data, Alan predicted that the bottom of the next cycle could be $35,000.

"Bitcoin for...