Fidelity, a cryptocurrency and financial services company recently called bottoms for Bitcoin and altcoins. Bitcoin is currently oversold, with its Relative Strength Index (RSI) well below the 30% benchmark on daily and monthly charts.
At the moment, Bitcoin is valued at $21K, with a daily high of $23K and a daily low of $20.3k. Traders are well into the bear market and multiple events have triggered the loss of billions in the past few months.
For the first time in a long while, the total crypto market caps looks set to drop below $900 billion. Undoubtedly, only veteran investors and traders would have expected this intense dip after the massive bull run in early 2021. While the prices of cryptocurrencies still run down the hills, Fidelity digital assets have predicted an end to the downward spiral.
MicroStrategy’s CEO Believes the Time is Right to Buy Bitcoin
Interestingly, Fidelity digital asset is not the only organization interested in seeing the end of this huge bear run. Michael Saylor, the CEO of MicroStrategy has also reiterated that the time is right to invest in Bitcoin. Although MicroStrategy’s Bitcoin holdings represent just 0.68% of Bitcoin’s circulating supply, the company is deemed as a Bitcoin whale.
According to the company’s books, it had its first Bitcoin investment in August 2020, and the company has been completely bullish since then. Despite holding more than 129,000 Bitcoins already, Saylor and his associates still have plans of buying Bitcoin.
Will Bitcoin Recover From Here?
This age-old question can never be answered with complete accuracy. While it is impossible to predict the exact bottoms and tops in the crypto market, technical indicators can help traders make the right investment decision.
Additionally, fundamentals like interest rates and adoption can be used to project the next direction of Bitcoin. As it stands, the market is still bearish. Technical analysts will look out for a break in market structure to go bullish, while fundamental analysts will be alert to the happenings in the crypto world.