$3,100 Might Have Been It For Bitcoin
Ever since Bitcoin (BTC) dramatically rebounded off $3,150, propelling itself above $4,000 in the week that followed, some have wondered where the bottom really lies for this cryptocurrency market phase. Anthony Pompliano of Morgan Creek Digital doubled-down on the idea that a $2,500 BTC was likely after the recovery, and other pundits were just as wary.
But, with the recent surge, which pushed BTC past key resistances at $4,000, $4,200, $4,600, and even the low $5,000s, some have begun to change their mindset. Josh Rager, a team member at crypto exchange startup Level, recently claimed that after some thinking about Bitcoin’s potential bottom, $3,100 might have been it “for two reasons.”
He looks to the fact that retail investors had many buy orders in the $1,800 to $3,000 range, especially due to analysts calling for further lows as an indicator that $3,100 may have been the bottom. This, of course, is in reference to the theory that going against the crowd in markets often proves better than going with it.
The second theory that Rager drew attention to is the fact that $3,100 is a very attractive investment point for institutional players and high net-worth individuals, making it less than likely that Bitcoin could fall under that region.