Did Bitcoin and Crypto Bottom?!

Crypto has been rallying as of late along with other risk assets. Is the bottom of this bear market in?

Bear market bottoms are NOT an event, they are a process. Price action takes time to form a long-term bottom in a down trending market environment. It’s very rare to get a V-shaped recovery. After a crash, markets need time to heal, regroup, and get their momentum back.

With that said, there are a few things that are positive signs for the crypto market:

  1. Bitcoin is making higher lows and higher highs -> every pullback has been getting bought up.
  2. The stock market is showing a similar pattern which is needed for Bitcoin to run up as well.
  3. QQQ has entered into a very trade-able range and showing signs of a rounding base which is positive for crypto.

If this positive price action continues, we’re watching the $30k USD level and the 200 day moving average as possible key areas price can reach.

Remember, we’re still in a bear market so we have to always consider opportunity cost…

For a complete breakdown on whether Bitcoin and crypto bottomed watch our latest video here.