The entire cryptocurrency market, led by Bitcoin, has made a substantial recovery in the past two days. Not only has Bitcoin recovered from under $7,000 to over $8,000, but almost every altcoin has followed suit, with most exceeding the returns of Bitcoin. Did we hit the bottom for 2018 with sunny skies in the crypto world ahead? Let's talk about a recent statement from Dan Morehead and Joey Krug from Pantera Capital, who recently called the 2018 Bitcoin bottom at $6,500 and said we're now in the clear.
Bloomberg article on Pantera Capital calling the bottom:
https://www.bloomberg.com/news/articles/2018-04-12/crypto-hedge-fund-pantera-capital-says-bitcoin-has-bottomed-out?utm_source=google&utm_medium=bd&cmpId=google
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That massive short-squeeze on bitcoin sure did a lot to lift the spirits of crypto investors.
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In think it's very possible bitcoin bottomed out already and is in an uptrend. I'll be more confident when it breaks up and out of the descending triangle on the LOG scale chart. I cover that, and other scenarios here:
https://steemit.com/cryptocurrency/@workin2005/bitcoin-confirms-bullish-breakout-small-correction-before-next-wave-up
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Really need volume to follow through for a couple of days to truly call a bottom. I would imagine there are still people waiting for a higher level to sell and get completely out of the space. Also, the overhang of potential regulation will put a ceiling at the price.
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Overhang of regulation is definitely a solid point, I feel like there is an inherent fear in the market place now regarding regulation
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we support u a lot so you should also support us by up voting my post or comment.upvote me once in steemit with 100%vote pls once in steemit upvote me like your i will be so happy upvote my post or comment
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Nah bruh
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Thanks @cryptobobby for keeping it 100. I'll upvote that. Always appreciate your videos!
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Good post
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Let's hope so
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Bobby the sell out working for Airswap now lolz ....
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Before: The market was sick of buying the dip and then encountering lower dips. They were waiting for lower lows.
Now: The market is sick of waiting for lower lows. I guess the recovery phase is starting.
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