After a period of recovery from the day when Bitcoin plummeted in March, analysts are still struggling to ask the question, "Has Bitcoin bottomed out?", Even though the price has recovered more than 100% from $ 3,700.
Mainly because many people are "confused" by the correlation between Bitcoin and S&P 500 reaching a new high at 0.5 (level 1 means completely correlated while level 0 is not correlated) in the near future. here.
But, more and more evidence continues to show that the crypto market has bottomed decisively.
In a chart that analysts named Wolf share, Bitcoin has clearly bottomed out.
Based on the chart above, Wolf says you can connect almost all of Bitcoin's macro bottoms over the years and stop at $ 3,100 on the logarithmic chart.
According to Wolf, this once again confirms that the bottom of Bitcoin is there. To further strengthen his view, he pointed out that the trend line fits into the "almost perfect" chart.
Besides, in the previous days, Mohit Sorout - a partner of Bitazu Capital - said that the phenomena in volume seen at the time of the price collapse in March were similar to what was seen in each peak and Macro bottom of the property for the past 2.5 years.
Moreover, according to Glassnode's monopoly index, Bitcoin is on its way to the end of the downtrend and the start of a comprehensive bull market.