I highly differ from your analysis.
The last time Bitcoin saw a huge crash ( Dec 2018 ) It stayed range bound around its bottom for 3 months before rising. ( around 4k )
Right now the whole world economy is crashing.
It is highly unlikely that Bitcoin would rise ( while gold, the globally accepted safe haven, keeps plummeting ) in such dire times of economic collapse.
Gold is still No1 choice as a safe haven asset while Bitcoin is far from establishing itself as a safe haven.It hasn't even won everybody to its side as a safe haven within the crypto community to start off with.There are still proponents of BTC ABC / Gold etc.
Bitcoin is nothing but a speculative asset with a good chance of becoming the new safe haven.
IN such a scenario, BTC showing 30% jump from its recent low within 3 days ( Basically it has gone parabolic ) shows that it is going down.
It was a dead cat bounce.
For BTC to find bottom, it needs to trade sideways for a few days, 30% jump is way too much.
Happy to have a healthy debate.
+1 Reply
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