The majority of crypto traders have also confirmed bottom on Bitcoin according to their independent analysis. The bears which started placing short orders at $4000 have been eagerly waiting for a correction. However, Bitcoin’s rise of about 50% from then has had many shorts liquidated or closed at a loss.
Bitcoin, currently, is very less affected by bad news and extremely positively affected by a good piece of news. The Fidelity announcements had a greater effect on the price than a $40 million hacking incident.
Hence, as crypto-trader Jake Canfield noted in the most recent episode of Crypto-Trader with Ran Neuner,
“The traders are buying the dip. A lot of traders were trying to short the market and keep getting liquidated which added Fuel to fire the price of Bitcoin to new yearly highs.”
On whether or not the altcoin season will begin, Canfield noted that it will begin when Bitcoin begins to stabilize and then capital will start moving into to altcoins.
“The multipliers (on altcoins) are gonna be great, if and when we see that bottom. Wait for Bitcoin to stabilize. Wait for a higher high and higher lows to confirm the reversal.” He also mentioned that, “Ethereum looks like its ready to break-out.”
2013-2015 Bitcoin Bear Market
Trade and Chart analyst Peter Brandt who is one of the first traders to predict the bear market and call the recent bottom on Bitcoin, claimed that $50,000 could be high of the next parabolic advance on Bitcoin. He said,
“The current bear market has been an analog of the 2013-2015 Bitcoin markets. There was a retest of the low… We can see a correction.