We dipped below 6k on the weekend. What do you guys think, is it a bottom this time and it is time for epic Long?
Personally I felt like it was the bottom at 8k at 7k and multiple times already at 6.7k and at 6.2k, so I am wary about calling it a bottom again just to see it drop another 500
I don't think that we have seen the bottom because the market is still shaky even though the price went above $6K. I'm thinking that it might be another bull trap in the next coming weeks. I thought that the last bottom is $6500 though, but I'm shocked to see it bottom again at $5800-$5900.
Logically this should be the bottom for bitcoin because we have already lost too much of the money through the market. This could be the bottom for one very important reasons, bitcoin's current market cap is sufficient enough to hold it at this point and thus we will have no more surges than this. For the time being crypto currencies are just creating their small resistance around currency prices as investors are not agreeing to get back into the crypto, the weak hands are still in state of shock and thus everything is stunned for now. As soon as market will see some good 15-20% spikes then people will re-enter and so as the market too.
This is why the bottom has already been reached according to my guess but no body knows whats kept ahead.
Because people are losing money doesn't make it the bottom. The market doesn't care if people are in lose or not, there is no correlation to it. With the current situation, Bitcoin could go easily below $5,000 and if that happens it's only a matter of time and could happen very soon, surely during this summer. To add to that, I don't remember the market being good during the summer.
Yes, losing money right now is not a good measurement to say that we have really bottom. We have lost so much money but still the price keeps going down because of so many negative factors surrounding crypto. Maybe investors really find the price attractive to buy at the last bottom, but it doesn't mean that this is the last bottom we might see this year.
