Even as the tecnhicals on a daily basis show a bottom forming and most gut feelings signalling the same, I have a contrarian gut feeling of equal strength riding side by side with the positive one.
I've talked about this in this video recording:
As shown in the chart below, BTC usage is at par with prices far lower than today's. It seems that while the asset is not used enough in real life, as the other cryptocurrencies are not as well, there is a growing buy-and-hold investor base here.
To that end, if this investor base remains resilient than the price could go up significantly higher albeit with a major bull trap risk. However as nobody expects it, all of a sudden if this self fulfilling investor demand is dented and the price slips enough, then at least March low will be tested with a risk on the downside.
So I am divdided but not comfortable :)
