Crypto Traders Optimistic About Bitcoin (BTC) Price, Expect Bottom

Bitcoin Price Gets Hammered, Traders Optimistic
In the past hours (per the time of writing), the value of cryptocurrencies across the board have fallen dramatically. Bitcoin (BTC) is currently posting a 2.3% loss, falling to the $3,500 price level for the umpteenth time in weeks. Altcoins, interestingly, have had it much worse. XRP and Ethereum (ETH) have seen their values been pared by 4.2% and 5.8% respectively, with the former approaching the all-important $0.30 price level, and the latter collapsing under $110.

The digital assets on the lower rungs of the proverbial crypto ladder have had it worse. After posting stellar gains in anticipation of the BitTorrent token airdrop, Tron (TRX) has stumbled big time, posting a 9% loss in the past 24 hours. The story is much of the same for Stellar Lumens (XLM), Cardano (ADA), Maker (MKR), among a mass of other preeminent crypto assets. Binance Coin has defied the trend, with BNB posting a mere 1% loss as the launch of the upstart’s decentralized exchange nears.

Yet, despite this overall bearish price action, which cynics believe could mark the beginning of crypto’s moves to establish lower lows, some have remained a bit more on the cheery side. Alex Melen, an American entrepreneur with a love for cryptocurrencies, recently took to Twitter to tout some “Saturday optimism” pertaining to Bitcoin. In a short, simple tweet, which was issued in tandem with a similarly as simple chart, Melen noted that the last time that BTC crossed under the 50 and 200 moving average for the four-day chart was when 2014/2015’s bear season finally bottomed.