Bitcoin clocked six-day highs above $9,000 over the weekend, but a long-term bull market revival may not be on the cards, yet. Having clocked a high of $9,070.64 on Saturday, prices again fell back below $8,000 briefly on Sunday before climbing again. CoinDesks's Bitcoin Price Index (BPI) was last seen at $8,772. The cryptocurrency has appreciated by 9.70 percent in the last 24 hours, as per data source CoinMarketCap. Bitcoin (BTC) is also close to 40 percent above last week's low of $5,947.40. So has the cryptocurrency bottomed out?
For this month, yeah, bitcoin has already bottomed out.
For the medium term as in a year or so's time, I think that the market variance will naturally take bitcoin to lower lows. Could be even less than $4-5k. All of this depends on future scenarios that we currently cannot safely predict.
Short term, we're going to go above $9k-10k. We're probably going to hang around there, before entering a full on crypto winter where price goes down to around the current level, perhaps a bit less, and stabilise. Then when markets are ready again, and near another halving, bitcoin will get revived and sensationalist news articles come out, and it gets hyped up again.