Expert Cryptocurrency Trading Analyst Shows How A Real Bitcoin Bottom Looks Like Via Charts
How Does A Real Bitcoin Bottom Looks Like?
Ever since Bitcoin dropped down from $6k to $3,200 level, Bitcoin bottom has been the topic of discussion in the crypto space. Some analysts have already called out a bottom while others are predicting a move below $3k or even between the $1k and $2k range.
Now, market analyst and trader, Benjamin Blunts is sharing how a real Bitcoin bottom should look like,
“This is what a real bottom should look like for those of you having trouble envisioning it,” while asking the crypto enthusiasts to be patient, “Patience young ones, good things come to those who wait.”
“In case it wasn't clear, this is not a prediction, merely what an ideal bottom should look like. If it happens and we get a false breakdown spike, great, i’ll be stoked, if not, buy the breakout/retest.”
Recently, crypto trader, Josh Rager conducted a poll with his audience to determine if people did buy Bitcoin between the range of $3,100 and $3,900 in the past four months as he himself did.
“So far 65% of people who answered this pole have bought Bitcoin at its low range prices. Considering majority of my audience is brilliant but bear biased. I'd have to say that 70%+ of retail investors/traders on CT have bought BTC near the bottom.”
Bitcoin bottom might be in or might not be, that’s yet to be seen, but today a big development has been made that is driving crypto adoption forward. The second-largest stock exchange in the world by market cap, Nasdaq is officially expanding its global data service by including Bitcoin and Ethereum.
Earlier this month, the stock exchange had made an official announcement stating:
“The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets.”
The BLX which is one of the most widely referenced BTC indices among the crypto traders has been calculated back to 2010 while ELX is calculated back to 2014. Both the indices are calculated using a methodology that is independently audited against the key IOSCO principles. Moreover, the data will be refreshed at a frequency of 30 seconds.