This might be overly optimistic and slightly baseless, but it's just an observation.
So I saw this image (i.imgur.com/tangYfj.png) made in this comment (www.reddit.com/r/Cry...rise_to_333/dxeu413/) on reddit, expressing skepticism at all the 'bulls are back' sentiment. While I do agree that it's possible and think that people do get stuck in these patterns of thinking, I just noticed something that looked kind of familiar to me..
I remember seeing this sort of thing a few times in the past, after downtrends like this. It *appears* as though the downtrend has remained intact (though in this case the downtrend *was* broken, the pink line is a revised downtrend), but after a while it becomes obvious that there has actually been a general slow recovery for a while. I might be crazy but I do remember a similar thing happening in past reversals. Only in hindsight did it turn out that the real reversal or low-point had already occurred weeks previously.
A similar thing happened during the last downtrend after BTC's $4900 ATH (obviously not a perfect comparison but I do remember having the same thought around that time, and I ended up being correct). During a certain time, it seemed as though the downtrend was intact, but in hindsight, we were already well on our way back up..
Bitcoin is up nearly 30% since the early February low point of around $6000 for BTC. I'm not saying this proves anything or is any kind of sure sign or whatever. But in perspective, it's entirely possible that the real low point/reversal happened 2 and a half months ago.
So I saw this image (i.imgur.com/tangYfj.png) made in this comment (www.reddit.com/r/Cry...rise_to_333/dxeu413/) on reddit, expressing skepticism at all the 'bulls are back' sentiment. While I do agree that it's possible and think that people do get stuck in these patterns of thinking, I just noticed something that looked kind of familiar to me..
I remember seeing this sort of thing a few times in the past, after downtrends like this. It *appears* as though the downtrend has remained intact (though in this case the downtrend *was* broken, the pink line is a revised downtrend), but after a while it becomes obvious that there has actually been a general slow recovery for a while. I might be crazy but I do remember a similar thing happening in past reversals. Only in hindsight did it turn out that the real reversal or low-point had already occurred weeks previously.
A similar thing happened during the last downtrend after BTC's $4900 ATH (obviously not a perfect comparison but I do remember having the same thought around that time, and I ended up being correct). During a certain time, it seemed as though the downtrend was intact, but in hindsight, we were already well on our way back up..
Bitcoin is up nearly 30% since the early February low point of around $6000 for BTC. I'm not saying this proves anything or is any kind of sure sign or whatever. But in perspective, it's entirely possible that the real low point/reversal happened 2 and a half months ago.