Re: 82% of Institutional Crypto Investors Believe Bitcoin Price Has Bottomed
There was a double bottom at $6600, so the support at that level is real steady by the looks of it.
There is a chance that we go lower than the bottom that we already saw, but I don't think that it's a big chance. And if it does happen, it's not going to drop too far below the $6k bottom. I think it's safe to say that we're already in recovery mode.
There is a chance that we go lower than the bottom that we already saw, but I don't think that it's a big chance. And if it does happen, it's not going to drop too far below the $6k bottom. I think it's safe to say that we're already in recovery mode.
I agree with the first part, disagree with the second. The support held really solid. But if we manage to get below $6000 at this point, it's bad news. There has been a shitload of volume exchanged, all above $6000. If we get below, that means a lot of new resistance that will smack down every bounce.
However, you've just got to be prepared for everything. The bear market could return and take everyone by surprise again, and you don't want to be caught having a lot of BTC that you're not ready to hold for the long run. Just because the majority of institutional investors think that the bottom has already formed, doesn't mean that it's actually going to be the case.
Yup, I don't think this is a replay of 2014. But it could be!
