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Crypto Investors Torn On If A New Bitcoin Bottom Is Realistic

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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The leading crypto asset by market cap, Bitcoin, is once again trading in the low $7,000 range after taking a short trip below the level to as low as $6,500 before rebounding to the current price of $7175.

With Bitcoin now retesting former lows as support, the chance of the first-ever cryptocurrency setting a new bear market low is a reality that crypto investors may need to face, however, the market is torn as to whether that outcome is a realistic one or not.

Crypto Investors Split On Bitcoin Bottom Being In

Financial markets, like the cryptocurrency space, are driven by a number of dynamics including fundamentals, technicals, and even the emotional state of the investors making up the market.

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In the crypto market, hype and speculation are the primary drivers of price and perceived value. This gives Bitcoin and other cryptocurrencies their notorious price volatility as sentiment swings back and forth in either direction.

Related Reading | Legendary Bitcoin Short Seller Says To Watch For Base To Form Before Buying

The market has long been convinced that Bitcoin had bottomed back in December 2018, resulting in a powerful breakout in April 2019 that took the price of Bitcoin up over 350% to as high as $14,000 from the $3,100 low.

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But now that Bitcoin is once again trading as low as $6,500 – prices not seen since the 2018 price floor that eventually gave way, taking Bitcoin to its bottom at $3,100 – crypto investors are now once again wondering if the bottom is actually in, and if lows under $3,000 are a realistic expectation or not.

According to a Twitter poll shared by ColdBloodedShiller, the market is torn as to whether or not such an expectation is realistic or unrealistic. In fact, the poll results are almost split completely down the middle, suggesting that the market is currently in a state of confusion and could go either way.

Is $BTC trading below $3,000:

— Cold Blooded Shiller (@ColdBloodShill) November 25, 2019

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The largest portion of the vote went to Bitcoin price trading below $3,000 being an unrealistic expectation. This would suggest that most traders believe the bottom is in and will hold as such, regardless of the severity of Bitcoin’s current downtrend.

The crypto asset has fallen from $10,500 to as low as $6,500 in a little over one month, and before that, back in June Bitcoin was trading at as high as $14,000.

Related Reading | Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down 

A rejection at that level sent the price of the leading crypto asset plummeting back down, where it consolidated and ultimately dropped further to current prices, wiping out much of the 2019 parabolic rally as a result.

Bitcoin’s bottom at $3,100 will need to hold, or the longevity of the cryptocurrency as a financial asset may be in jeopardy.

Featured image from Shutterstock
Tags: analystbitcoincoldbloodedshillercryptopolltwitter
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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