Since its all time high of USD 69,000 in November 2021 Bitcon has lost nearly 55% of its value, cooling off from a tremendous Bull run that lasted nearly 2 years from November 2019 in which cryptos favorite coin rallied +800%.

Strong rallies to all time highs are not uncommon in this space and within this name. From August 2016 to Dec 2017 Bitcoin rallied an eye poping +2000% to 20K in a Bull Run that many beleive put the coin on the main stage of financial markets and is responsible for its widespread popularity.

I beleive the next few months will prove to be a period of accumulation in which BTC will be quitely gathering volume , reducing volitility and ultimately preparing for its next bull run into the 2024 Halving, upon which many believe the price will rip through the 6 figure mark.

The chart represents a crude depiction of how the 45 Level on the RSI has acted like a ground floor for the asset since 2015 and is an area in which accumulation has historically took place. As of today the 1 month chart reflects an RSI reading of 47.77, nearing this historically key level again after the crypto market sustains a beating for the entirety of this year.

I will be watching this chart closely. If Price Action truly respecst this level and tapers off volitility I will likely be engaging in bi-weekly purcases of the coin for about 5-6 months in an effort to prepare for another multi-year Bull Run.