Waiting For Bitcoin’s Bottom? Analysts Assess If There’s Room For Further Downsides Or Start Of Consolidation Phase

Bitcoin (CRYPTO: BTC) staged a strong relief rally on Wednesday, but the big question on every investor’s mind remains: Is this the bottom for the world’s leading cryptocurrency?
Bitcoin Bottom Still Not In?
Michael Terpin, CEO of Transform Ventures and author of the book “Bitcoin Supercycle,” told Benzinga the market is “knee-dip” into “Bitcoin Fall” after the bubble popped in early October.
For context, Bitcoin peaked at $126,000 on Oct. 7 but has since crashed more than 42%. The apex cryptocurrency came perilously close to sinking below $60,000 early last month.
“Historically, it takes a full year to reach ‘capitulation,’ the point where all of the short-term holders have given up and sold, often at a steep loss,” Terpin stated. “When that occurs, there are only long-term holders left, so the …Full story available on Benzinga.com

Read Full Article