Firstly let me say that no, bitcoin bottom is not in IMHO.. Secondly the trend is your friend until its not. We have been in the same trend for over a year now so of course my bias opinion is we are more likely to go down then up. However much has been shown we have momentum going up at the moment and think we could reach 4300 resistance. I do not trade smaller time frames but trade in time cycles not price cycles.
At current price on the daily, if BTC stays above the 21 EMA at the end of the week we will most likely reach into the deep 4k range. If its below the 21 daily ema I expect a drop to 3500 and lower.
What are your thoughts and predictions.
You're right in not assuming that prices will go up from this stage - because it's not guaranteed to. A lot of people here are already saying how bitcoin will go to 5 or 6 figures within a year. To me, the recovery hasn't even started yet.
But, you've also got to acknowledge the fact that we are very close to the bottom, if not already rebounded from the bottom. We're already nearly one and a half years removed from the ATH, which is similar to the amount of time that it took for the 2014-15 bear market to start recovering.
While looking at past performance is certainly not a definitive future indicator for price movement, it certainly gives a rough, macro image of where we are at right now due to the cyclical nature of bitcoin prices. I don't think that prices will go down that much further, even if dips persist which I find highly unlikely, because there are many adopters that entered at the peak, as well as the institutions that entered during the bear market that will be interested in buying coins at lower levels.
