No idea where the bottom is going to be in the future. It's way too hard to predict.
For now it's going to stay at the $6k bottom that was previously discovered by the dump back in January. As someone else said, that is the psychological bottom for now. If that psychological bottom doesn't hold up and there are more panic dumps in the short term, we could see BTC crash down to lower level like $5k, $4k.
Anyways, I doubt that we're nearing the bottom yet. It's going to come with cycles of recoveries and then more dumps, but the general trend is definitely bearish for now. It seems improbable that this trend would stop right now as well, it's much more likely we see it play out throughout the year, and potentially find a bottom at around low $3k's.
Personally, 3K is way too low, for those believing BTC, that price will sound like a free gift, some investors may want to sell their house to buy BTC instead.For now it's going to stay at the $6k bottom that was previously discovered by the dump back in January. As someone else said, that is the psychological bottom for now. If that psychological bottom doesn't hold up and there are more panic dumps in the short term, we could see BTC crash down to lower level like $5k, $4k.
Anyways, I doubt that we're nearing the bottom yet. It's going to come with cycles of recoveries and then more dumps, but the general trend is definitely bearish for now. It seems improbable that this trend would stop right now as well, it's much more likely we see it play out throughout the year, and potentially find a bottom at around low $3k's.
True, but doesn't mean that it won't happen. Just like how $20k was obviously an extremely good time to sell, but most people missed it waiting for the next pump. Same thing goes for dumps.
It will be an excellent opportunity to accumulate cheap bitcoins while the market is in panic mode. But when the market is fully bearish, you never know when it's going to bottom out and often, the prices will undershoot it's real final bottom before crawling back up. Looking at the dump right now markets seem to be recovering again back up to $7000, a huge psychological barrier since $6000 was the support in January. There is a chance that this dump will be one of the lowest prices we'll see, but honestly i don't see that happening with the climate being so bearish. If there comes another dump it could well take BTC's market cap down below the $100 billion psychological barrier. Again, that would mean prices close to $3k ultimately.
That's just my opinion though, i don't think that $3k is too low for a bottom. But heck, if prices do go that low, I would buy in with all the fiat I've got left
