The Bitcoin bottom is in on the monthly chart??What's up guys,
I haven't looked at the monthly chart in a while, but it tells us quite a bit. The most red months in a row we have ever had in bitcoin has been 10. By then, the low for the year was in at around $100 from $1,000. We then went up to $20,000.
Well, if $6,000 is the bottom, I will be expecting a Bitcoin price of at least $60,000 in about a year's time.
So, based on that monthly data, it is very likely we will have a green month soon enough which should last a few months - even if it isn't the end of the bear market. Add to that we are bullish on the daily timeframe and about to test the wedge we are in, I am far more bullish than bearish on bitcoin.
I've also pointed out the decrease in the volume. We hit $6,000 in February, and yet, we still haven't really been able to clearly drop lower. It's because there simply aren't as many sellers as before. The selling pressure is getting weaker every month.
Add to this, cryptos like XRP and DOGE have been taking out previous highs and are in bull markets. I am therefore expecting that euphoria to stumble into Bitcoin. Keep in mind XRP fell about 95% and investor's are gaining confidence in it again. I don't even think Bitcoin fell 80%. It won't take much to start another prolonged bull run and indeed, I think that is happening now.
Thanks for reading, please follow me if I help you.
-YoungShkreli
