After a brutal showing last week that saw Bitcoin fall 50% in a 24-hour time span, bulls are mounting a comeback. Over the past four hours, the cryptocurrency has rallied approximately 10% to a price as high as $5,900, surging from the $5,400 base where it spent a majority of Tuesday and Wednesday.<\/p>\n
The asset’s rally comes as traditional markets, specifically the American stock market (indices S&P 500, Dow, etc.), have started to mount a recovery after a brutal start to the week. In fact, the Dow Jones is up 6% from the lows on Wednesday, which coincided with a local BTC bottom, further indicating that the stock market and Bitcoin are correlated for the time being.<\/p>\n
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While BTC has only been sustained the region just shy of $6,000 for a short period of time, the sentiment is mounting that BTC is bottoming and poised to break higher after accumulation<\/a>.<\/p>\n Almost every prominent analyst and their mother, so to say, has said<\/a> that Bitcoin is in the midst of bottoming, despite traditional markets remaining in the midst of a downturn.<\/a><\/p>\n DonAlt, the trader who called much of the recent downturn while others were expecting Bitcoin to establish a new all-time high,<\/a> remarked that “we’re in the process of bottoming,” sharing the below chart, which shows the previous bottom overlaid and fit to the current price action.<\/p>\n I think we're in the process of bottoming, the question is how close can I get and what kind of setup am I comfortable to play. I'm a bull hoping for a setup, not a bear net shorting. pic.twitter.com\/Nj31p4LpDK<\/a><\/p>\n — DonAlt (@CryptoDonAlt) March 19, 2020<\/a><\/p><\/blockquote>\nBitcoin Has Bottomed, Is Now Accumulating\u00a0<\/strong><\/h2>\n
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The below structure would be nice, given that the sharp V reversal I was hoping for failed.<\/p>\n