Has Bitcoin Just Reached Its Bottom?

Crypto is poised for a big run

Disclaimer: This is not financial advice, please do your own research and invest responsibly.

The past few days have been an absolute bloodbath for bitcoin and the whole crypto market. BTC actually dropped to below $16,000, which any well-regarded analyst would have considered impossible a year ago. Crypto prices just suddenly took a tumble and there was a feeling of absolute dread on crypto forums and subreddits. The famous bitcoin price chart rainbow showed the price dropping so low that it went well under the "basically a firesale" category, we are currently in uncharted "garage sale" territory.

What caused this massive crash?

It may have been the whole FTX fiasco with the centralized exchange first tanking and Binance announcing that they might buy it but then changing their minds and stepping back from the deal. It may have to do with the midterm elections in the USA where a red wave was announced but the large voter turnout of Gen Z'ers who voted more for progressive candidates caught some people off guard. It may have to do with both of these things or neither. We will never really know the cause of this crash.

Is this the bottom for bitcoin?

Again, we can only apply the golden rule of bitcoin and take comfort in the fact that we will never know where the journey will take us. It comes down to whether you believe in bitcoin's future or you think it will disappear forever. If you think bitcoin has a place in this world and fulfills a purpose as a store of value, then logically the price will only go up in the long run and there is no better time to buy (even if it drops off more in the coming months).

In any case, be safe have fun and hodl.