I recently wrote a post about Market Cap in the Cryptosphere.
When people think that so many hundred billion in cash left the market (and not the valuation) it is easy to see how they might believe the market could not recover so easily.
However, demand will drive the price up and once the big players who are waiting patiently on the sidelines decide to re-enter the market we could see the market recover better than expected.
After all, this has happened many times before in the crypto space and although the valuations and prices were much less, they were still relative to the amount of participants in the market.
Alessio Rastani has been predicting Bitcoin moves using Elliot Wave theory quite accurately for the past few months. He is predicting a bottoming process between $8k and $9k before we resume a move up.
What do you think will happen?