The reversal has had the effect of injecting a sense of optimism in what was becoming a fearful market. Today, the Crypto Fear & Greed Index<\/a> is still in extreme fear, with a reading of 21. But this is a marked improvement over yesterday’s sentiment.<\/p>\n The question is, has Bitcoin bottomed out? Or can we expect further drops below $6.6k? Tim Enneking<\/a>, MD at Digital Capital Management<\/a>, believes that a further slide in on the cards, citing a dominant descending trend and weak volume to justify his conclusion.<\/p>\n “It\u2019s quite clear that BTC has not put in a bottom yet. The price has been in a descending corridor since the crazy 42% increase in late October. The prior low, around $6.6k, is almost certainly not going to hold (i.e., no double bottom) as the market is very weak in terms of recovery from that level and volume.”<\/p><\/blockquote>\n Enneking goes on to say that he believes the bottom will likely be at $6k, or just below that figure. In other words, Enneking speculates that we were already close to the bottom at $6.6k.<\/p>\n However, according to analyst “CryptoBirb,” the Bitcoin bottom already came in with Tuesday’s drop to $6.6k. Indeed, according to the cycle peaks and troughs on his chart, the outlook for Bitcoin is exceptionally bullish, with the expectation of a parabolic rise to $36k by late Spring. Coincidentally, when the halvening occurs.<\/p>\n I'll just leave it here\ud83d\udc40 pic.twitter.com\/HCOWICUxq3<\/a><\/p>\n — Adrian Zdu\u0144czyk, CMT (@crypto_birb) December 18, 2019<\/a><\/p><\/blockquote>\n![\"Bitcoin](\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Annotation-2019-12-19-101158.png?resize=1117%2C619\")
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