Many are wondering, is the bottom in for crypto?
We’ve now held $6,000 for bitcoin a few times, but with the price around $6,325, that’s just a small 5% cushion.
Let’s see what the market is worried about today and what the experts are saying.
Today the crypto market is down about 3-10% across the board.
Rumors are some of the funds from the Mt. Gox collapse will flood the market soon as the trustee has initialized the procedures for returning the money.
According to this article 160,000 BTC, worth roughly $1 billion at today’s prices, will be released soon.
This is similar to the story two weeks ago when an old Silk Road wallet started moving around 110,000 BTC. But we’ve yet to see any sales from those wallets.
With this kind of uncertainty it’s hard to feel comfortable that a bottom is in…
But one person who does think a bottom is in is Mike Novogratz. He tweeted the chart below, saying that we’ve fully retraced breakout. That was on September 13 by the way.
So far Novogratz’s call has held up.
Then there’s Trace Mayer. He’s not saying we hit a bottom, but did say the odds of BTC breaking 6k and going to $3,000 are now decreasing.
I agree with Trace on the outlook. I think if we were going to break 6k it likely would have happened by now. But only time will tell.
What do you think, is the crypto bottom in?
For more on cryptos follow me 
and trade cryptos on Binance
and Bibox...
And delegate SP with MinnowBooster