Have we seen the LOW of Bitcoin (Cryptocurrency) bear market or it is still ahead?

in #bitcoin6 years ago (edited)

The short answer is that my gut feeling is saying NO.

Bitcoin went from $1K to $20K in one year which is not sustainable. There is no buyers or HODLers at $20K. BTC skipped all the support level from at $2K, $3K, $4K, $5K etc. It is holding $6K for almost 7 months. Interestingly, BTC triple bottomed around 6K which supposed to be an indicator of bullish sign.

1M_BTC.jpg

However, it also means investors are comfortable $6K BTC. If it stays at side channel of $7-5.5K for few more months we may see big impatience among HODLers and loss of faith. Also, support are getting weaker by each day.

Moreover, we have to see a real blood bath and loss of all hopes to mark the END of bear trend. My gut feeling is saying that BTC in next 3-5 months will see a LOW around $4K to mark its bear trend. Since it skipped a big number of sellers at $3-6K, they are needed to be cleaned out, before we see another bull run.

In fact, BTC took 3 years reach its ATH of December, 2013 on January, 2017. In the meantime it took BTC to two years to reach LOW of $160 in January, 2015. If we have seen low at $5750, we would say everything took 4X faster, then it should take only 3 months to reach previous 20K peak.

Therefore, I don't believe BTC has seen its LOW of this bear market and it could be around. And, it needs more time to break the shackle to start another bull run.

In the meantime, it is interesting to see if STEEM goes below $1. It was almost $1.17 when BTC hit its LOW of $5750. At probable low $4K, STEEM could go as low as 80 cents which STEEM has not seen for a year. Though it may sound pessimistic, it is also a good opportunity who could not able to buy STEEM below $1. If STEEM major upgrades are released we may never see a floor below $3 in upcoming years.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

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Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger

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You have some points right.
People who bought at 20k are still holding on with little faith.
Support is going down for bitcoin as well as price.
But this storm is not over just yet.
We could go as low as 4k by the end of this year. We just need another piece of really bad news to bring us down.
But we hope that don't happen, and support will move back up and faith is restored.

Yep, hope that we don't see that debacle ever. However, that negative rally will mark the end of painful bear trend.

My personal opinion is that this seems to be a repeat of 2013... So in September we might see it go back to new heights in December.... This is no investment advice.

That would be very exciting, everything 4X faster than last bear-bull run.

thanks for your opinion bro

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