According to this expert, the bottom is in

[bbc.reporter]

Whenever the bitcoin market is on the move, a lot of idiots on the internet become "experts" and make predictions. If they are correct once (like how a broken clock is correct twice a day) they get full of themselves quickly too

In any case, it seems like price loves staying around $70k and whenever it is pushed below it, we can see a recovery soon. Although it is a good sign but it is not a sign of bull market beginning. Not even close. We need to see actual momentum and decent interest among buyers and less incentive amongst weak-hand panic sellers. We are not there yet, which makes the current situation rather fragile.

I still think it will come down to recession and geopolitical tensions. We already have dollar tanking every day which is a very strong force that should push the bitcoin price up to the moon. However, with recession and all these wars US regime is starting to save the dollar, the investors are being pulled toward gold and all the money is going there for now.

Are you implying that this expert is mistaken in declaring that the bottom is in?

The skeptical and the contrarian in me disagrees on this declaration, however, it very much appears that the market has stronger support on $60k-$65k.

On recession and war, the American economy is very resilient and the wars the Donald has been starting are only for a few days similar to the bombing of Iran and the attack on Venezuela heheheh.

[crwth]

Just always remember, everything is speculation. Even if they say that they are experts, they could still make some wrong predictions like any of us. The difference is just that they have more experience than we do.

One interesting approach is to check the average ETF flow. Since many institutions are banking on BTC and are the ones with the money to actually move the market, I think this is an important case to add.

From coinglass.com ^[1], it shows today a negative move, so mostly it's not yet the bottom, just because they are offloading their BTC. It can still go lower IMO. There might still be a road down, but it's hard to fully know where it would be.

IMO, it's still not yet the bottom. There might be a more downward trend in the coming months. That would be the best time to buy.
^{Hopefully I could buy at the right time} 


[1] - https://www.coinglass.com/etf/bitcoin

[Emitdama]

The speculators seem to have the fuel to make lots of self-claims in price movements, especially in bullish market conditions, many people say they are great at predicting price increases correctly and they say "I told you so" sentences like this are often said, and when it doesn't match what they have said they say "humans can be wrong" therefore I always recommend DYOR. LOL

The current situation is not yet safe to enter bitcoin for those who want to invest in bitcoin due to the recession and ongoing geo-political conflicts in many countries, except for those who have been here for a long time, this is an opportunity to collect their bitcoins, but in terms of overall demand we have not seen it grow in a bullish direction, now it seems like we are consolidating the price so it can be maintained above $60k, and yes, we really need a big catalyst to push the market back to the bullish peak.

Unfortunately there are many "experts" like that as social media influencers who are getitng thousands of people to follow them by making claims and sometimes they are right and sometimes they are wrong and when they are wrong they delete the one they are wrong and if anyone calls out about it then they block that person and if there is a whole attack they just use automation to block people and make themselves look like there is nothing wrong, it's disgusting but it happens all the time. I think it's sad but it's the truth.

[landheer]

Actually, I also want this bear market to be short-lived, and I want to see the price of BTC continue to rise so that I can make a lot of profit. In my opinion, it is possible that BTC will rise again and end the bear market, but it is also possible that the rise in BTC is just a normal rebound because, as far as I know, in a bear market, there are sometimes price increases, but in the end, the price still falls. In my opinion, BTC will continue to fall because most people are waiting for it to reach a very low price, such as $40k or $30k.

But honestly, I don't really care about the BTC price because I'm currently enjoying accumulating BTC using the DCA technique. So for now, we'll just monitor the BTC price to see if it will rise sharply or fall further, but I think it will fall significantly, though not immediately, as it usually declines gradually.

[Y3shot]

Well, experts will always come up with what they think about the bitcoin market, but all I know is that Bitcoin can't be predicted and no one can exactly tell what the bottom is like, or if we have already passed the bottom of the market. Whatever the bottom is, it shouldn't really bother investors because it is even a privilege to come across the bottom of bitcoin and take advantage of it.

Just keep buying bitcoin irrespective of what the price is. Holding Bitcoin should be the target, and that is the way profit can be generated from bitcoin if you really want to take advantage of buying low.

[d5000]

One interesting approach is to check the average ETF flow. Since many institutions are banking on BTC and are the ones with the money to actually move the market, I think this is an important case to add.

Of course it's always a good idea to check "real" market movements like ETF flows. However, my main problem with that approach is that the you generally see what happened "after the fact".

If you see a day with negative ETF flows, and the price tanked that same day, then you can conclude that ETFs contributed to the price weakness. But you don't see what ETF holders will do tomorrow.

Another interesting case: A day with negative ETF flows, but the price goes up. This could mean that retailers are buying and institutionals are selling. So you could interpret that more weak hands enter the market.

However it's not really clear to me if ETF buyers are really stronger hands than CEX buyers. I mean to remember that in the 80k dip last year, institutionals were one of the main drivers. And CEX buyers not necessarily means "retailers" - whales which are not restricted to ETFs can also be institutional whales.

It would be interesting if there is a study about that. Did ETFs "overreact" in the case of strong panic crashes and FOMO movements? Or is it (as it is commoningly expected) vice versa, i.e. CEX users are more likely to panic selling and FOMO-buying?

[Franctoshi]

There's a higher possibility that this is going to happen because of the changing market dynamics and the aging of the  Bitcoin market as institutional adoption and interest continue to increase. From the technical perspective, the market has actually hit the oversold area on the RSI indicator perspective both on the daily and weekly time frames,  whereas on the monthly perspective, it's a bit below the 50% zone. So if we mirror the 2019 short-term cycle, then we will most likely be bottoming out.

[UmerIdrees]

Do not mind anything that any analyst is saying, we do not know yet if the bear market is over yet or not yet over. Also bitcoin is struggling to make the $70000 a resistance but let see what will happen.

Bitcoin has moved to the price that I think the bottom has been hit or very close, but that does not mean I will say the bear market is over because what if bitcoin price is unable to increase yet, or maybe slightly fall more before but market will begin.

That the biggest mistake that people do is that they think that if the bitcoin has dumped or flash crahsed, it is most probabaly the last dump and the prices will move up from here. In reality, this is not how the market works and also the bear market isn't that small that it is done with the one big crash.

Yeah, we saw the bitcoin price jump from 60K to 70K but that doesn't mean that it can't go lower again. We can move all the way upto 80K to bring liquidility plus hope in the market and then dump again to below 50K. The bear markets are brutal.