Well-acknowledged Crypto Trader is certain that BTC has hit its very bottom – The Daily Coins
Crypto bears are still arguing that BTC is yet to hit rock bottom but analysts all across the cryptoverse are convinced that Bitcoin can’t fall any lower than the $3,100 mark it has reached for this cycle.
Well-known crypto analyst and trader Jonny Moe recently explained in a three-part Twitter thread why the bottom for BTC is in. He explained to his 15,000 strong followings that BTC is about to cross its first 20-day and 200-day simple moving average (MA) since October 2015, which is when the crypto market was on its way back to recovery and charting all-time highs.
Jonny isn’t the only analyst that believes BTC has broken past resistance and now holds incredible potential to rally higher and not pullback drastically off-highs. Jonny explains the 20-200 crossover as a faster version of the more acclaimed 50-200. The golden 50-200 crossover may also be in reach in the coming weeks if the BTC and other cryptocurrencies fail to continue their bullish momentum. The analyst believes this is what is a sure indication that the bottom could really be here for BTC.
Moe wasn’t the first to have popularized the belief that December’s collapse was the very worst possible instance that could have happened in the current cycle.
BTC Bottoming at $3,100 is very probable
Ethereum World News had previously reported that a team member at crypto exchange startup Level, Josh Rager had recently claimed that $3,100 could very probably be BTC’s bottom for two reasons –
The first, because, retail investors had many buy orders in the $1,800-$3,000 range because of analysts who called for further lows indicating that $3,100 could really be the bottom. It is based on the theory that going against the crowd is more favorable than going with the crowd in the market.
The second theory highlights that $3,100 is an attractive investment point for institutional players and individuals with high-net-worth. In the process, making it unlikely that BTC would fall beyond that level. The theory makes sense when volumes on the CME’s Bitcoin futures contract breaching incredible highs in the current bear market are considered.
So, are the analysts right or are crypto bears more aware – have we seen the end of BTC’s drop yet or will it plunge even further? We shall find out in a couple of weeks or two.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
Eleanor B. Stonebridge is a New York Times best-selling author renowned for her engrossing fantasy novels. With her masterful storytelling and vivid world-building, she has captivated readers worldwide and has won numerous awards in the literary sphere.
