Capitulation already happened at $3150.
Since then the price of BTC has been going up and has not returned to or below $3150.
There is good support now being offered at $3475-$3500. When BTC dipped below $3475 a few days ago it flew back out like a bat out of hell. I have not seen that kind of rebound in a long time. Most thought that if $3475 was breached then a further drop towards the low of $3150 would be likely. Wrong. The contrary happened!
As BTC slowly continues its northward trajectory it will begin to dawn on more people that the bottom already came in. Many will wait until the price of BTC goes above $7k before they believe. That’s fine.
The bottom wont come with an announcement. It will just occur and from that point the price of BTC will slowly move back up into more comfortable zones. I believe the bottom arrived at $3150 and the bear market is over now. I have voted with my wallet and bought some more BTC in the last 48 hours.
I expect BTC to sit on top of the 200 day MA on the one day chart between Feb and April this year. At this point the proof that the bear market is over will be evident.
What we are seeing now in the market in terms of ‘Bart’ price action is simply the day traders playing against each other via their bots. They will get bored soon with fighting each other and give up.
By the way. Take a look at the shorts that opened late last night EU time and see how the number of positions opened increased by over 1000. They expected to see a massive drop in BTC price following the ETF withdrawal news. Never happened!