In April 2018, Bitcoin experienced a relief rally and gained nearly 55%:
– Lost ~70%
– Rallied ~55% by end of April
– Retraced >68% through November 2018

Recently, $BTC experienced a relief rally gaining 46% since late January, retracing then regaining ~40%… assuming a near 70% retracement puts PT approx $14k and aligns with numerous bearish price scenarios.

Macroenvironment has major headwind with inflation and widespread labor shortages.

Q4 2021 corporate profits show dramatic slowing relative to Q3. While profits were positive, it is not a 🥳.
– Q4 receipts +$12.6B, Payments -$4.1B
– Q4 GDI +5.1%, down 1.3% to Q3 numbers
– Q4 current production $20.4B, Q3 $96.9B… down $76.5B
– Q4 domestic financial corporation profits -$1.3B, Q3 +$14.2B.
– Nonfinancial domestic corporations +$5B Q4 but down $26.6B to Q3’s $31.6B
– Rest-of-world Q4 profit +$16.8B to Q3 $51.1B… lower by $34.4B