I believe the bottom has been established.
The £3150 was ‘it’ in my opinion.
I suspected the bottom had been found after seeing how quickly BTC bounced up after hitting £3150 recently and suspected this again yesterday when BTC had a flash crash below the £3475 support, only to bounce back like a tightly stretched elastic band! That was some impressive recovery!
Then tonight, when the news about the withdrawal of the ETF application broke…minimal reaction in the market. BTC lost about $45 and then quickly recovered. BTC is now trading about $20 off its earlier price this evening before the news broke.
Tonights ‘negative’ news about the ETF resulting in virtually no response from the market strongly indicates that all the weak hands have now left the market.
Previously, this ETF withdrawal would have resulted in a substantial flash crash (with no recovery). This time virtually no response from the market. How reassuring is that?
Those of us still here and still standing already know that an ETF isn’t / wasn’t ever really needed for cryptos’ survival. Indeed, many would argue that allowing Wall Street in would have caused more damage to the space.
I am a nobody who knows nothing really. I am just someone who watches the markets everyday and is expressing an opinion here. I could of course be wrong. But I really feel, based on what I see in the market, i.e., the performance of BTC in terms of holding its price in the face of bad news (that previously would have resulted in a nose dive), in terms of less price volatility in BTC, in terms of the obvious departure of weak hands, in terms of how ferociously BTC now bounces back from dips (a clear sign that there are many bulls on the sidelines) and in terms of all the positive advancements taking place within the space, I sense we have turned the corner.
I am looking to see BTC’s price hover around the $3500-$3550 price range for a while, maybe a week or so, with some volatility in that price range, before heading slowly up north again. I expect some sudden dips along the way (to be expected) but expect a quick recovery from those dips.
Anyone else feel the bottom is in?