Trading volume is up, a good sign for the bottom or close to it.
Trading volume is up, a good sign for the bottom or close to it.
Weekly trading volume these last two weeks have been over double the last 2 months. This is a good sign. In order to find bottom there must be a large volume of sellers and buyers (aka capitulation).
But just because this might be the bottom, it doesn't mean we can't double bottom, like we did in the 2013 crash.
Also just because we are at the bottom doesn't mean we are in a bull market. There needs to be a nice long accumulation phase (sideways) after bottom.
IMHO it will depend on developments in the next 6 months. If we have good enough real world use case developments (not hype)
Good developments:
1. Lightning network development and adoption
2. Quality custodian solutions for institutional buyers
3. ETF and or other exchange traded products that support crytpo, like Bakkt
Potentially bad developments:
1. Lightning network bug/crash/hack
2. Institutional buyers can also short the market
3. Custodian hack.
IMHO the future looks bright long term for Bitcoin 3+ years. In the meanwhile, my guess is that we trade in the 3k to 6k range. Lots of things going on in the space and lots of quality projects in BTC / ETH / IOTA.
Remember a few important things:
1. Buy when everyone and their mom is telling you to sell. Also sell when everyone and their mom's are telling you to buy.
2. This is not financial advice just my opinion.
3. Invest long term and in good projects.
My opinions only not trading advice.
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