RATE Group | Here’s Why Bitcoin Didn’t Bottom at $3,800 According to a Top Analyst
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Here’s Why Bitcoin Didn’t Bottom at $3,800 According to a Top Analyst

15 Mar Here’s Why Bitcoin Didn’t Bottom at $3,800 According to a Top Analyst

Posted at 21:31h in Bitcoin News by

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While Bitcoin seemingly remains in a bear trend, sentiment has spread over the past few days that the cryptocurrency market has bottomed; analysts cite the fact that BitMEX funding rates are decisively negative, suggesting an extreme bottom, along with other technical analysis-based evidence to back their lofty opinion.

But according to a top analyst, there is no way Bitcoin has bottomed yet. Here’s why.

Why Bitcoin Might Not Have Bottomed Yet

Over the past week, Bitcoin has shown a remarkable correlation with traditional markets; when traditional markets crashed on Monday, so did BTC, and when they saw record losses on Thursday, so did our favorite orange coin.

According to prominent cryptocurrency trader Cantering Clark, this correlation is a clear sign that the cryptocurrency market has not yet put in a bottom.

In a five-part Twitter thread published Saturday, he explained his thought process further:

“We essentially just went from Bull market to Bear market in under 20 days. The…

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