Looking at the weekly chart and comparing it to the 2022 cycle, the true bear market bottom is likely still more than a quarter away. If it weren’t for the FTX collapse back then, $BTC would have most likely consolidated around the weekly 200MA (near 2w). Before the collapse, it had already been consolidating for 4 months. The '1-2-3 sell' pattern is very clear, and when combined with moving averages, you can see an almost perfect replication (e.g., the first sell-off hit the 100MA and then rebounded to the 60MA). Conclusion: Unless an FTX-level event occurs, the weekly 200MA is unlikely to break down significantly (the 55-58 range remains valid). At that point, we can observe the lower time frame bullish divergence structure, which will mark the true bottom on the right side. #trading