Crypto Proponents Sift Through The Graveyard Of Technical Indicators That Failed To Predict Bitcoin’s Bottom Cryptocurrency

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As we approach the end of 2022, a large number of bitcoin supporters are wondering whether or not the bottom has been reached when it comes to the official end of the crypto winter. The current bitcoin bear run has just entered the longest bottom formation since the 2013-2015 bitcoin bear market. Additionally, analysts note that most of the technical bottom indicators used to predict bitcoin prices have failed to predict whether the bottom has been reached or not.

Rainbows and S2F: the list of technical indicators that failed to predict Bitcoin’s bottom

A month ago, crypto proponents celebrated one of the longest and toughest bitcoin bear markets since the 2013-2015 bitcoin bear market. At the time, bitcoin’s bear run of 2013-2015 was the longest downside, but today, the period of contraction in the current crypto economy is expected to outpace the crypto downturn of 2013-2015.

In addition to the longer bottom phase, Bitcoin.com News reported 144 days ago how a number of technical indicators have failed to predict the future value of bitcoin’s US dollar this year. One of the biggest failures of the price model mentioned this year was the stock-to-flow (S2F) model, which was denounced by Ethereum lawyer Anthony Sassano and ETH co-founder Vitalik Buterin in June.

“We need more pain before we make a bottom”

Dude, we saw:

– a collapse of the top 3 exchanges – 2 top VCs in the space are liq’d – 2 top 10 coins with an mcap of $60 billion drop to zero – the loan market has been wiped out – Bitcoin down d ~80% from ATH – alts down 90-99% from ATH

What else do you want?

— KALEO (@CryptoKaleo) December 22, 2022

With all the so-called “greatest” technical indicators failing miserably, many crypto proponents continue to write forum posts and social media threads about the confused background of Bitcoin. For example, on December 27, the Crypto Noob Twitter account tweeted, “Bitcoin is currently trading in the oversold zone. Which is historically where the bottom forms. Do you think BTC has bottomed out?

Questions and posts like these are scattered across crypto-focused forums and social media platforms like Facebook and Twitter. On Reddit, the r/cryptocurrency subreddit forum features a post that highlights the failure of lower technical indicators, and the post’s author details that analysts have “no idea” and this time “IS different” .

Screenshot of Beyonderr’s Reddit post posted to r/cryptocurrency.

The author of the article “u/Beyonderr” explains how eight technical indicators were unreliable for bitcoin traders this year. For example, the weekly RSI (Relative Strength Index) was supposed to signal bitcoin’s oversold levels and bottom, but Beyonderr says “that wasn’t true this year.”

Screenshot of Beyonderr’s Reddit post posted to r/cryptocurrency.

Other unreliable technical indicators mentioned by Beyonderr include Monthly MACD (Moving Average Convergence/Divergence), Rainbow Price Chart, 200-Week Moving Average, 100-Week Moving Average X 20-Week Moving Average, the Pi cycle indicator, the Hash the ribbons indicator and the average percentage pullback from the top of a cycle.

Additionally, Beyonderr mocked the S2F price pattern by calling it the “Meme bonus” indicator. “Worst indicator of all, the awful Plan B Stock-to-Flow pattern. Add it to the failed pile,” Beyonderr wrote. The post on r/cryptocurrency also mentioned that there could be four indicators suggesting that the bottom “could be in”, at least according to Beyonderr.

Indicators cited by Beyonderr include signals such as “time in market”, “Puell Multiple”, “Mayer Multiple”, and “MVRV Z-score”. Meanwhile, a large number of people on social media platforms like Twitter wholeheartedly believe that the bottom is awfully close, but so far most of the technical signals have been just deviations. unreliable.

Tags in this story 200 Week Moving Average, Beyonderr, Bitcoin, Bitcoin Indicators, Bitcoin Markets, bottoms, Charts, Crypto Noob, Forum Posts, indicators, M&A, MacD, Plan B, Predict BTC Funds, Predict BTC Price , price signals, Rainbow Charts, Reddit, Relative Strength Index, RSI, S2F, signals, Social Media Posts, TA, Technical Analysis, Technical Indicator Discussion, Technical Indicators, Tools

What do you think of the failing technical indicators that couldn’t predict bitcoin’s bottom? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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