Battered Bitcoin Devotees Begin to Contemplate a Market Bottom
A buzz is building in crypto-investor circles and on Twitter about Bitcoin’s stealth July rally, which has beleaguered investors starting to ponder whether the largest digital asset has found a bottom.
That’s because it’s happened plenty of times before -- the coin posts a monster surge that in hindsight turns out to have been nothing but a bear-market bounce. And making such a call might be even more arduous right now considering that digital assets have all year traded in tandem with US stocks, where there are lots of disagreements among strategists over whether the worst of the selling is over.
$Bitcoin(BTC.CC$ $Ethereum(ETH.CC$ $Nasdaq Composite Index(.IXIC.US$ $S&P 500 Index(.SPX.US$
That’s because it’s happened plenty of times before -- the coin posts a monster surge that in hindsight turns out to have been nothing but a bear-market bounce. And making such a call might be even more arduous right now considering that digital assets have all year traded in tandem with US stocks, where there are lots of disagreements among strategists over whether the worst of the selling is over.
$Bitcoin(BTC.CC$ $Ethereum(ETH.CC$ $Nasdaq Composite Index(.IXIC.US$ $S&P 500 Index(.SPX.US$
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Revelation 6 : We have not seen the bottom yet. As inflation and the CPI go up and stay high, the deflationary cryptos will continue to fall. And fall.