Since January 2022 Bitcoin has been in a steady uptrend from its low under 18000$. So the question is – was that the bottom? It depends on two simple factors which I explain below.
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The 200 MA is no more
In a previous post, I mentioned that BTC would bounce off the 200 MA. All good things come to an end, and so does the 200 weekly moving average for Bitcoin.
BTC has bounced off the 200 MA since it was created, but in the latest bear market, it broke right through it and didn’t bounce.
Is The Crypto Bottom in?
Possibly. It depends where you measure the all-time high from. A bear market for BTC lasts anywhere between 300-500 days.
So if we measure from the 14th of April 2021, yes the bottom was most likely in on the 18th of January 2022.
However, the price was higher (just about) on the 10th of November 2021. If this is the top we might go lower.
What to do?
Personally, I have started up a bot, in the belief that we will not go lower. We definitely could so I’m only trading the top coins which I am OK to hold if we go lower.
If you believe the bottom is in I would suggest trying to earn some free cryptocurrency.
I wrote the post I linked to above a while back where you can earn crypto by playing games, reading, and walking, etc.