Bitcoin starts to make a V formation
Someone mentioned Amazon recently in the context of Bitcoin. Amazon, post-2001, was in the extended Bear market 2001-2002. It's hard to remember now, but in 2001, Amazon was a junk stock, a remnant of the Dot Com bust. At the lowest point, you could pick up a share of Amazon for $6. I like to remind myself of that. It was a 94% fall from the peak. Bitcoin has fallen 85%, where a lot of the alts have done a full 100% retracement from their peak.
It's too early to say for certain, but I think that Bitcoin is forming a V, which is a fairly typical bottom formation. The good news is that, following a steep fall to the center of the V, it should rebound most of the way up. The bad news is that Bitcoin will most likely do another V again a few months from now, where it will more likely find a true market bottom. V's are typical in bear markets, where people rapidly sell downwards, then FOMO back up again on the other side.
I'm going to guess that it will wick down to $3,000, and somewhere in that area find resistance.
It's too early to say for certain, but I think that Bitcoin is forming a V, which is a fairly typical bottom formation. The good news is that, following a steep fall to the center of the V, it should rebound most of the way up. The bad news is that Bitcoin will most likely do another V again a few months from now, where it will more likely find a true market bottom. V's are typical in bear markets, where people rapidly sell downwards, then FOMO back up again on the other side.
I'm going to guess that it will wick down to $3,000, and somewhere in that area find resistance.
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