Is The Crypto Bottom In?
Many are wondering, is the bottom in for crypto?
We’ve now held $6,000 for bitcoin a few times, but with the price around $6,325, that’s just a small 5% cushion.
Let’s see what the market is worried about today and what the experts are saying.
Today the crypto market is down about 3-10% across the board.
Rumors are some of the funds from the Mt. Gox collapse will flood the market soon as the trustee has initialized the procedures for returning the money.
According to this article 160,000 BTC, worth roughly $1 billion at today’s prices, will be released soon.
This is similar to the story two weeks ago when an old Silk Road wallet started moving around 110,000 BTC. But we’ve yet to see any sales from those wallets.
With this kind of uncertainty it’s hard to feel comfortable that a bottom is in…
But one person who does think a bottom is in is Mike Novogratz. He tweeted the chart below, saying that we’ve fully retraced breakout. That was on September 13 by the way.
So far Novogratz’s call has held up.
Then there’s Trace Mayer. He’s not saying we hit a bottom, but did say the odds of BTC breaking 6k and going to $3,000 are now decreasing.
I agree with Trace on the outlook. I think if we were going to break 6k it likely would have happened by now. But only time will tell.
What do you think, is the crypto bottom in?
and trade cryptos on Binance
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God I hope so!
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At this moment $6000 is a strong support for Bitcoin and $6600 is first rasistance.
I beliy once $6600 broken by Bitcoin now then Bitcoin and others alts will come in uptrend and change the situation of the crypto currency market.
I think we need to break $8,300 to the upside but generally agree
before that, i wouldnt say its doing good. floating between $6-7k doesnt making the market bulll..
Hopefully bitcoin price more going up,Thanks for sharing this informative post,
Hi-g-dubs. Too early to tell. honestly thought it was going to retract a bit more. I wouldn't bet either way at the moment.
We're still in no man's land!
Totally agree and we can only wait and see which way it pans out.
I like this post beautiful crypto thanks for sharing this
Thanks!
Awesome analysis
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
Nice!
I agree, analyzing the pattern of the prices in the past, my "guess" is that it has indeed reached the floor of the price. Someone else here on Steem made a great post in the past showing the rythmic cycles the price of BTC goes through as it eventually reaches higher and higher.
We will indeed see another breakout I believe soon, and send it way over the last high of 19k.
Currently I feel soo sad about this long down trend which lasts for along time.
sometimes I even feel that crypto enemies and haters will always fight crypto so It wont grow worldwide and people will get scared of putting their money in danger by investing in crypto.
I lost around 75% of my investment in cyptocurrencies in the last 5 months, However, I believe we can see a new all time high of BTC and crypt in general,, and I hardly wish this could happen very soon. to bring back people's trust to the crypto revolution.
Cheeers.
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