Bitcoin bulls ask, where's the bottom?
- Bitcoin lost 37 pct in the month of Nov.
- The bottom not yet in sight as bulls scramble for stability.
Bitcoin, the largest cryptocurrency by market capitalisation and the coin that gave blockchain to the world, has lost 37 percent of its value in the month of November, has still not been able to find a stable bottom, as the prices fell back again after rallying back above $4,000 during the week.
BTC/USD is down nearly one percent on day at $3,942, but trading in less than 0.3 percent range for the day, thanks to lower volumes and resulting in lower volatility for the crypto whose second cousin is volatility.
A quick look at various time-frames of the chart reveals us that although volatility has come down a but after November sell-off, by no means a long term meaninful bottom has been placed yet. BTC may well touch and even break recent lows and head towards $3,000 as mentioned last week. (Read here) Even as experts such as Morgan Creek Capital Management's CEO, Mark Yusko, believe that there is long term value for the largest coin and bottom should be somewhere around the corner.
BTC/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
