Was 3600 the Bitcoin bottom?

On bitcoin's recent price drop from the 6000 level.

3 consecutive drops without significant recovery between them, followed by a double bottom at 3600, and a partial recovery.

Could we already have seen THE bottom? It's too early to call, but the double-bottom pattern is a good start, and the recovery of 1 of the drops was a great follow-up. But to give me some confidence in the bottom we've put in, I want to see a recovery (in the next week) of another 1 of the drops, putting it back in the 5500 range:

If we do see something like that, I would expect some sideways motion for a few months, putting in more support at 5k, and then finally breaking out toward 7k to officially resume the bull market.

This has been my call for a very long time, and I've done dozens of Steemit posts about this U-shaped recovery. I mentioned bitcoin would 'go to 4000 or high 3000s, not stay there long, return to about 5000, consolidate for months at 5-6000, before moving upward in 2019' in my recent post which was referencing my August 3rd video.

There's no reason for me to adjust my long-term price calls, since they've all been right - even most of the timing calls were right.

If we see a move up to about 5500 within a few days or so, we'll be able to call 3600 a bottom, although it will take a bit more healing before the bull feels confident.

Crypto Market Cap

Here's a 5+ year logarithmic chart of all cryptocurrencies added together:

As we can see, the market hasn't collapsed, and could simply be playing out its familiar U-shaped recovery. I think anyone who is stacking cryptos at these levels will be extremely happy with themselves in the coming year.

I'm not magic, or your financial advisor, so please do your own research and make your own decisions. I won't ask for any of your winnings, but that means I won't cover any of your losses, either. I post my analysis here in case it helps anyone see things from an angle they hadn't before.

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