[NEWS] Did we hit the bottom?
Hey all!
Will prices crash once more? Or have we reached the bottom of the current movement?
Three weeks ago I wrote about my thoughts about a possible third downturn. The reason was a repeating pattern from March 2018.
https://steemit.com/bitcoin/@jpmay/news-return-of-the-bear-market
The market had then moved merely constant for about 2 weeks, so the downturn last Sunday began with a certain delay. So let's take a look at the bottom of the third and final downturn in April 2018.
The red line marks the level of a trade volume of $ 10 billion. Around this level, the market has been moving for about 14 days after the crash, with some outliers. The following uptrend did not begin until the trading volume increased to more than $ 25 billion.
The current constellation is a little different. The market share of Bitcoin is still at about 40% and not as in March / April 45%. In addition, the preliminary low of $ 265 billion was reached last Wednesday. So before falling below the mark of 10 billion USD.
So where are we? That can not be said with certainty. My assumption is, that the market capitalization will continue to fluctuate in a range of approximately 10 billion USD around the 270 billion USD mark. For how long? Apparently it will be possible for the inhabitants of India to trade crypto currencies again once it's July . At the latest on this occasion a larger movement would be likely.
However, this is just a guess and no recommendation for a purchase or sale.
I wish you a good start into the week.
Your JP
It will move down more yet until many more have sold out, and then up it will go to new highs and we will all shout: yes! This is when the big money will come in to take it to somewhere astronomical...
@wales Thank you for your feedback. If I see it correctly the lowest point in Feb 2018 was at about 280 million USD. In April it went down to almost 250 billion USD. Given these numbers, it is possible that price will go down even further. Though I do not think that the atmosphere is compareble. Fundamentaly Feb'18 was likely the reason of many things like regulation, tax, loan-money investing etc. that cumulated in an massive adjustment. In april - that again is only my impression- it seemed like kind of a depression, caused by a lack of market recovery. Today the recovery still is at question, though its likelier a question of when it does than if it does. I have very mixed feelings about what to expect next.
The banks must be realising that crypto could see the end of them and so are in the process of taking all the money out, which they can do because they have so much money they can just buy in and sell and keep on doing it until all the money has gone; and what's to stop them? That's one scenario that I hope doesn't happen. The other is that big institutions will come in with huge money because fiat is breaking down and is almost at the point of collapse; they will come in because they can see it is a good thing, immensely profitable.