Bitcoin’s Bottom: The Drama, The Chaos, The Hope 🎢

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What to know:

  • Bitcoin might’ve hit rock bottom—or it’s just taking a breather before the next emotional rollercoaster. 🎢
  • History’s repeating itself, like that one friend who keeps telling the same story at parties. U.S. spot ETF launch? Yen carry trade unwind? Déjà vu, anyone?

Investors are sweating, wondering if Bitcoin’s finally stopped its dramatic freefall. Spoiler: It’s complicated. 🤷‍♀️

Recent price action suggests Bitcoin might’ve found its bottom just above $76,000 on March 10. Cue the dramatic music. 🎶 This pattern looks eerily similar to past bottoming events, because why not keep us guessing?

In this correction, Bitcoin fell 30% from its all-time high of $109,000 on Jan. 20. After hitting a low on March 10, it recorded higher lows on both sides—$78,000 on Feb. 28 and $81,000 on March 31. A triangular bottom? Sure, let’s call it that. 🔺

This déjà vu moment also happened during the yen carry trade unwind in August 2024, when Bitcoin bottomed near $49,000 on Aug. 5. Higher lows on either side? Check. July 7 and September 7? Double check. 🕵️‍♀️

And let’s not forget the U.S. spot Bitcoin ETFs launch in January 2024. Bitcoin corrected 20%, hitting a low just below $40,000 on Jan. 23. Higher lows on both sides? Of course. Because consistency is key. 🔑

Omkar Godbole, managing editor of CoinDesk Markets, is here to add some hope (and anxiety). He points to signs that Bitcoin could be bottoming out, noting a bullish structure. “The latest pattern, indicating a shift from lower lows to higher lows and signifying seller exhaustion, resembles bottoming patterns seen in August and early 2024,” he says. Translation: Maybe, just maybe, it’s not all doom and gloom. 🌈

But wait! External risks like Trump’s tariffs could still mess everything up. Because why not add a little chaos to the mix? 🎭

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2025-04-02 12:08