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Has The Crypto Market Bottomed After Bitcoin’s 50% Collapse?
Bitcoin and the rest of the crypto market didn’t have the best second half of 2019. Per data from TradingView, the aggregate value of all publicly-traded digital assets fell from $388 billion to a low of $166 billion — a drop of nearly 60%.While this metric has been a clear downtrend for the past seven months (save for the past week), analysts are saying that there is a confluence of signs suggesting the bottom is finally in for crypto assets across the board, especially Bitcoin.Related Reading: Watch Out, This New Bitcoin Scam Is All Over YoutubeThe Crypto Bottom is InCryptocurrency analyst Thies recently drew attention to a clear sign that the bottom in the cryptocurrency market is finally here. He noted that according to TradingView’s Total2 trading pair (all digital assets sans Bitcoin), “last week alone showed the highest buying volume for the altcoin markets ever recorded.”While some say that this data masks reality in part, there is no doubt there has been a lot of buying pressure in the cryptocurrency markets as of the past week, hence the absolute explosion in the price of Ethereum Classic, Bitcoin Satoshi’s Vision, and many, many others.New weekly for #TOTAL2 opened just over an hour ago now.That said, last week alone showed the highest buy volume for the alt markets ever recorded on @tradingview.As many may know, this is significant in market dynamics and suggests a true bottom established. Take note. pic.twitter.com/9wFjxAXqVy— Crypto Thies 📈 (@KingThies) January 20, 2020Thies argued that this is “significant in market dynamics and suggests a true bottom established. Take note.”It isn’t only that.Trader Byzantine General recently pointed to the below chart, which he posted via Twitter.As he depicts, Bitcoin’s recent price action and the one-week Relative Strength Index underwent the exact same pattern they did in the previous market cycle, with there being an RSI break under 40 in a bear market, then a relief rally, and perfect re-test of 40 to find a secondary bottom before kicking off the next bull market.
Author: Nick Chong
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