Did Bitcoin bottom at $17,600? CryptoDuality says data from Delphi Digital suggests there’s still plenty of downside before the crypto market starts to turn around.
) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.
Despite the pain that has already been felt since Bitcoin’s price topped in November, a comparison between its pullback since then and the 2017 market top points to the possibility of further decline in the short-term.During previous bear markets, the price of BTC fell by roughly 85% from its top to the eventual bottom.
As shown in the weekly chart below, BTC’s 14-week RSI recently fell below 30 for the third time in its history, with the two previous occurrences coming near a market bottom.While some may take this as a sign that now is a good time to reenter the market, Delphi Digital offered a word of caution for those expecting a “V-shaped” recovery, noting that “In the prior two instances, BTC traded in a choppy sideways range for several months before finally staging a strong recovery.
What the market is really looking for right now is the final capitulation that has historically marked the end of a bear market and the start of the next cycle.
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