Bitcoin Weekly: Still Has a Lot To Prove

Again bitcoin bounced from 60k, establishing this level as stronger support. Now we wait and see how strong this bounce really is — bitcoin still has a lot to prove.

Last week bitcoin traded below 60k for three days, but it did not break down.

This makes me a little bit more optimistic than last Monday, when I wrote that bitcoin already being down at 60k again was not a good sign.

Have I changed my mind and think the bottom is in now? No. Are we closer to the bottom than to the top at this point? Yes, probably. But if history repeats, it will be a couple of months more until it finally bottoms out. So while I do think bitcoin is starting to get cheap at these levels, that doesn’t mean it can’t get cheaper.

For now, I’m staying cautious.