Has Bitcoin reached its bottom yet?
Based on my previous post on how to buy/sell bitcoin at the best price, the buy signal for bitcoin is currently ringing. According to the chart, the bitcoin price has reached and reacted to the 200 weekly MA. Weekly RSI indicator has reached oversold and also monthly RSI has reached its support at around 45. Those levels could indicate bitcoin's bottom and the price may reverse from that level.
However, I believe that the market especially the U.S. stock market has more to fall due to the launch of the fed quantitative tightening program to fight off red hot inflation in the U.S. Since bitcoin is highly correlated with the stock market, this may also drag bitcoin down further even below the 200 weekly MA. If bitcoin can't hold above the 200 weekly MA, this could mark the end of bitcoin's multi-year bull run. And since Bitcoin is the mother of all cryptocurrencies, a crash in bitcoin could propagate to other cryptocurrencies leading to depression in the crypto market. Let's hope it didn't happen. But we still need to prepare for all possible scenarios.
However, I believe that the market especially the U.S. stock market has more to fall due to the launch of the fed quantitative tightening program to fight off red hot inflation in the U.S. Since bitcoin is highly correlated with the stock market, this may also drag bitcoin down further even below the 200 weekly MA. If bitcoin can't hold above the 200 weekly MA, this could mark the end of bitcoin's multi-year bull run. And since Bitcoin is the mother of all cryptocurrencies, a crash in bitcoin could propagate to other cryptocurrencies leading to depression in the crypto market. Let's hope it didn't happen. But we still need to prepare for all possible scenarios.
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