Are We at the Bottom?

The price actions in Bitcoin clearly indicated some deeper correction with the weekly close below the uptrend channel. The negative news of Mt. Gox coin distribution, Germany selling crypto and the global risks, the market could not stay strong though the other markets were going up.

Expecting a deeper correction does not sound illogical. However, since the altcoins have already tested almost their all time low levels already, they may diverge from Bitcoin and be more bullish with the leadership of Ethereum in the trend.

Having a clear strategy once again played an important role in crypto. When the price of Bitcoin tested $73K, many of us had the sense that the market is overpriced and a potential correction was coming. Yet, we did not assume such a big loss in the short term.

Though it happened, your previous experience reminds you of the importance of having a stablecoin portfolio for such times to dollar cost average your positions.

That Germany sells Bitcoin does not have much importance for the ecosystem in reality. Roughly 0.1% of the value of Bitcoin should not have such a devastating impact on the market as we are getting positive data from the U.S. economy for upcoming interest rate cut(s).

So the question is: Is it time to start buying?

For many people, the answer would be no after such a huge market correction. However, for veteran crypto investors, this is the second chance for them to catch the local dip for their favorite coins to dollar cost average!

If you are a long - term believer in this ecosystem, you know what to do when the market is acting like this 😉

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