The past week Bitcoin has been steadily moving up from its low in the high 5000s. Now that we have a triple bottom around the 6000 range over the past half year do you think this is the beginning of the turnaround from bear market to bull market?
I'm not asking if you think Bitcoin is gonna suddenly start booming, but do you think we'll see a gradual rise now and won't be returning to test the established bottom of the market again?
Personally I think over the next 2 or 3 months we'll see Bitcoin finally move off the bottom of the market and away from these 6000-level prices, representing the beginning of the next long bull market.
I don't think that we've seen the bottom yet despite the fact that we're currently on a small bull run from sub-$6000 to over $6800.
I just don't believe that, looking at the magnitude of last year's pumps, we can safely say that this is the start of the recovery. Although I know that 2014's bear market which lasted until mid-2015 isn't going to be exactly mirrored during this bear market, I do believe that prices are going to continue to stay low (whether continuing to hover around the $6k region or potentially going even lower) for at least until the end of the year.
Having said that, we've probably already seen the worst of the dumps already considering that prices are only around 35% of what the peak price was last year, although it's very unlikely that we can say this will be the definitive turnaround point.
