Is this the Bitcoin bottom?

in #bitcoin6 years ago (edited)

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Hello my fellow Steemians and Crypto inverstors,

It’s the hot question in everyone’s minds right now: Is this the Bitcoin (and altcoins) bottom?

We finally seem to be running out of the panicky noob sellers that should have never entered this market in the first place. This is evidenced by the slowdown of big red candles in the charts. I say good riddance! Let them come back on the next market top and lose their money all over again! Haha!

Market interest is slowly picking up again but volume and the number of active addresses on the Bitcoin network remain low. This means we could have reached a bottom. However, we need to continue monitoring the number of active addresses because, if they keep dropping, this bear market could have more legs.

Here are some good news from data sources correlated to price that support the thesis a bottom has been reached:


Google Trends.png
Google Trends search volume seems to be picking up after a February bottom


Lightning Network Google Trends.png
Google Trends search volume for "Lightning Network" is picking up strongly


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Reddit interest is also picking up and back on the Trending Now topics


Alfaquotes.png
Alfaquotes.com, a website that calculates a "fair" price on Bitcoin and, which has been very accurate in its predictions in the last 3 years, is back on the green showing a strong 34% buy recommendation

Now, the bad news:


BitInfoCharts.png
The number of active addresses on the Bitcoin Network, very strongly correlated with price, is currently lagging below it.


buffet.jpg
A quote from Warren Buffet that prefectly applies to the current situation.

So, what do you think? Have we reached a bottom or are there more legs for this bear market?

Do you have other data sources highly correlated to price you'd like to share with the investing community so we can all gain more knowledge and powerful tools?

Share your comments and thoughts with the Steemit community in the comments below!



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I think those charts of declining bitcoin searches on Google can be very misleading. One reason searches are declining ins because almost everyone with a smartphone and/or internet has heard about bitcoin at this point and doesn't need to search G for it.

well speculation is great, proof is in the pudding a very shaky experience for the guy planning to keep up with this market, just seems so manipulated. The market volume increases 40 billion dollars over night and the others are worried about a 1 billion dollars of coins crashing the game. somewhere i think we missed something.
Anybody have any idea of whats going on?

While i hate to answer my own question if anybody wants to know it was the G20 meeting!

Not sure we’ve reached the bottom just yet. My portfolio isn’t down a full 95%. Lol 😂I’m holding for a while longer before I think I’m gonna see anything back. Thanks for the post!

I just don't understand people selling at such low prices?

I have picked up some quality coins this week at rock bottom prices in my opinion.

I am in a few telegram groups and watching the comments is ridiculous, just yesterday someone invested £2k in an ICO and they were asking what a MEW is and whats GAS?

Everyone should fully research and understand what they are investing in and more importantly believe in the project.

Tips -
Don't buy shit coins like Doge.
Accumulate positions on the dips through trading.
Research before you invest.

Also I think we are still in for a bumpy ride until at least May.

Haha I bought Dodge, just for fun, I own its millionth of supply for like 200 bucks. Some people go to the mall and spend on crap I collect millionth of supplies ;) regards

Everyone has got to have a hobby :-)

Just cash out the hobby on the way up and dont get stuck holding bags at the top :-)

Nobody can call tops or bottoms, it's all Fugazi. I'll rather hodl. regards

I believe the market will actually go higher when more regulation comes because that is when Wall Street will start to jump in

Wall street won't jump in an unregulated trend. They are lobbyists sucking ppl's blood from an economic ecosystem.
If crypto succeed and survive it will be without governance.

Just my opinion

It's not Wall Street, it will be the power brokers behind Wall Street who will buy up large positions and then send in the lobbyists to legitimize their investments once they have a substantial and influential portion of the market in their control. I continue to believe that the negative coverage is manufactured in order to create a bear market allowing a low entry point for the Whales.

That's quite a good guess, can also called conspiracy. I hold coins, so I will lose on such a vast crash, BUT I'm more curious what will happen to DECENTRALIZATION rather than being concerned about my small asset.

Would the banking and money system get out of hands of thise people as media got? cnn and fox etc dream about how they could manage society's mind two decades ago. With internet and social medias their time ended.

What about JPMorgan etc?

I think there are quite a few of the original miners and developers who hold vast sums of BTC who are believers of decentralization, but also need the expertise of large institutions to help diversify and are also looking to the old money crowd for guidance on how to keep/invest/spend their money. Try cashing out $50M in BTC and investing it on your own. A lot of people won't even know where to look for VC or PE investments. The old money crowd will be looking to these nuevo rich to get capital for investments and will probably look to diversify their own portfolios by adding cryptos, especially if it allows them anonymity.

I consider this a stabilisation and maturing of cryptos!

I think we can go a little bit lower, but then... :)

Markets will be boring for some time while the uncertainty plays out related to the Mt Gox whale give the supply of BTC he has to sell and more importantly, regulation. In the meantime, fundamentally, adoption will continue to increase as the projects supporting the assets push technology and use cases forward. Given that I highly doubt US regulators will push away innovative industries such as Cryptos, I see a healthy future where balance between regulation, security and demand will move the market forwars for thise projects that focus on achieving the goals of efficiency and solving economic issues they are meant to solve.

I just believe Bitcoin will rise again, I just think noobs coming in just for the money alone are causing more harm than good because of their FUD characteristics.
The media will continue spreading negative news about Bitcoin and cryptocurrencies in general and if one do not know the core and purposes of these cryptocurrencies FUD will come into play.

And I like the post you shared from Buffett ,thanks for sharing

I'm expecting more ups & downs, holding between 8k and 11k for a month or so longer, before we start heading up again. Not sure I'd call it a bear market - just a little sideways action before a new bull run.

There's probably more bad news coming and there's a lot of nervousness still, especially as every new FUD news peice in the mainstream media seems to get people spooked.

Anyway, as long as you don't sell, you don't lose anything. Believe in crypto and that the future is bright and there's nothing to get depressed about...rather excited at all these buying opportunities!

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