I think Bitcoin has hit its market cycle bottom — Why I’m Bullish

As Bitcoin dumps again and is trading slightly below $3500 at the time of writing, I think Bitcoin may have hit bottom. This is very much the contrarian point of view right now. Everyone from Crypto Twitter, YouTube, and the mainstream media is anticipating lower lows and it’s almost a given that Bitcoin will reach sub-3k prices. I’m taking the contrarian point of view for a variety of reasons. The 200 weekly simple moving average is a major support level and Bitcoin marked its current cycle low by bouncing strongly off of it. I’m not a professional analyst and so this is where my TA ends. For a more comprehensive technical argument, Renato Shirakashi wrote a great article that argues from a technical perspective why Bitcoin has likely bottomed.

Additionally when you look at the global economic climate, things are not looking healthy. The Trump-proclaimed strong growth in the economy over the past two years is in fact completely debt-based. As Wall Street’s respected “bond king” and billionaire Jeffrey Gundlach said,

“I’m not looking [at] a terrible economy, but an artificially strong one, due to…