Crypto Influencers And Experts Are Saying That Bitcoin Bottomed Out

Reaching the bottom of the market is not possible until it hits zero, but local lows are often good opportunities for people to buy low and hold.

Unfortunately, the current crisis in the global economy forced some long-term holders to forfeit their long positions, but many still do not sell. Well, now is the best moment to increase the volume of your portfolio, says Charles Edwards, a renowned Bitcoin analyst.

7-metrics signal tells us to act now

One of the key fundamental metrics that Charles Edwards points out is that the adoption is at its highest with the number of active BTC wallets (addresses with at least 0.1BTC) reaching ATH.

Bitcoin is often cited as the best hedge against inflation and failing fiat currencies by people living in Africa, South America, and other regions with less developed economies.

While many people say that you cannot judge the potential of any asset based on what people in the poorest regions tell you, we have to keep in mind the fact that these regions are also best positioned for future growth and economic development.

Having many wallets in these places is one of the biggest guarantees that BTC will not lose value.

Miner capitulation is done, Hash Ribbons say that we are close to the bottom. Multiple other indicators like Dynamic Range NVT, Dormancy Flow, HODL Waves, and more are also indicative of a critical moment in time when the market is ready to start moving in the opposite direction.

Proponents of technical analysis are quite vocal about $15,500 being the worst dip and that we are now on the way to recovery.

Should you jump on the hype train?

The biggest issue with all these forecasts is that technical analysis alone is not reliable enough to make long-term market decisions. People change their minds all the time. However, the market as a whole seems to be in good shape at least now.

Even after a massive PR blow, it is stabilizing and recovering. If nothing bad and unexpected happens in the nearest future, we should be able to gain ground on many fronts.

Putting all your eggs in the bitcoin basket may not be the wisest investment strategy.

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