My hypothesis is that Bitcoin has found it's bottom. I came to this conclusion by multiple confirmations. The first is a large rising wedge formation that can be confirmed by looking at both the steady decrease in volume and the steady decrease of the MACD (histogram).
When taking the beginning of the rising wedge formation (outlined with the thick yellow trend lines) we see that it starts at the diagonal 0.382 Fib ratio and with it playing out as a decrease in the price all the way down to the diagonal 0.618 Fib ratio, we come to a full cycle of 1 when adding these two ratios together.
The end of the falling wedge (outlined by the white trend lines) ends at the first Fib retracement line when using the Fibonacci Retracement Tool on the log scale, starting at the bottom of March 2020, all the way up to the peak of November 2021. Which would be a logical place to bottom out.
When taking the beginning of the rising wedge formation (outlined with the thick yellow trend lines) we see that it starts at the diagonal 0.382 Fib ratio and with it playing out as a decrease in the price all the way down to the diagonal 0.618 Fib ratio, we come to a full cycle of 1 when adding these two ratios together.
The end of the falling wedge (outlined by the white trend lines) ends at the first Fib retracement line when using the Fibonacci Retracement Tool on the log scale, starting at the bottom of March 2020, all the way up to the peak of November 2021. Which would be a logical place to bottom out.