BITCOIN BitMex closed after 11years! But is it such a bad thing?BitcoinCRYPTO:BTCUSDTradingShotBitMex crypto exchange announced that it is shutting down its operations after 11 years! But this historical pattern shows that it may not necessarily be negative news for Bitcoin (BTCUSD). The reason is that similar exchange closings/ failures took place during every Bear Cycle but BTC always produced long-term rallies. More specifically, in 2022 we had the most popular exchange collapse in history when FTX (3rd at the time in terms in volume) filed for bankruptcy in November 2022. That red month formed the bottom of the 2022 Bear Cycle. Before that, BitGrail failed in March 2018, 3 months after the 2018 Bear Cycle started, causing a massive red 1M candle. Perhaps the first 'high profile' exchange collapse was Mt.Gox in February 2014, again 3 months into the 2014 Bear Cycle, which also cause a massive red month and put a dent in the market's credibility for years. The common characteristic of all these collapses was that the Bear Cycle bottomed on the very same levels, the Realized Price Buy Zone (blue). It is interesting to point out that the first two exchange collapses took place at the start of the Bear Cycle, while FTX's on the very bottom (as mentioned). So it will not be unrealistic to claim that BitMex's closing is very close to the bottom of the Cycle. That is confirmed not just by the fact that the Realized Price Zone is just below it currently but also by the rising 1M MA100 (green trend-line), marginally above which the November 2022 bottom was formed. Based on all these, a $45000 expected bottom target appears to currently be more than fair. So does BitMex's shutdown scare you or you think it signals a market bottom? Feel free to let us know in the comments section below! --- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** --- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇