Crypto Dan
Crypto Market – Currently transitioning into the Bull Market
Looking at the movement of Bitcoin leading the crypto market, it can be seen that it is transitioning to a bull market after escaping the bottom of the current bear market for the following reasons. 1. The Unrealized Loss reached the bottoming zone (green) and then escaped, and now we are in the transition zone towards the bull market. FYI, it is normal for the peaks of this model to decrease from cycle to cycle, as shown in the chart, as BTC's width of peaks and bottom narrow as the volume of the crypto market continues to grow. 2. Bitcoin fell below the Realized Price (yellow line), but it has clearly broken through the current price and is still in a stable range. *Unrealized Loss: This is on-chain data that shows how many market participants are losing money at the current time. The closer the bottom is to a bear market, the higher the unrealized loss indicator. *Realized Price: Indicates the average price at which market participants bought a coin. Depending on how strong the recession is, the crypto market could experience a decline in the fourth quarter of 2023 or early 2024. However, it's very unlikely that BTC will make a new low and the recession induced drop will be rather the last chance right before the Strong Bull Zone(White Box).