Few days ago, a popular post stated that "You need to accept the bottom has past at $16k". But I think the reality is no one knows this wild wild market. Few examples from the past.

Two days ago, I noticed there was a rather controversial post that stated:

The bottom has past Bitcoin could not be touching 16-17k again possibly ever and Bitcoin has found support as high as the 28k level. The majority of BTC addresses are holding. Even with wars, fed rate increases, exchange fud everywhere, inflation, and banking collapses Bitcoin is doing extremely well. It doesn’t make sense for such a large back track now and people will continue to accumulate and hold waiting for the halving.

The original poster stated the following:

1 - The majority of BTC addresses are holding.

True and not true. If you look back at the trading volume in the last 3 weeks, it is significantly higher than the period before that. Does that mean a lot of people had been buying up? May be the FOMO was back. But that also mean a lot of people took profits too.

Source: Live Coin Watch

2 - Even with wars, fed rate increases, exchange fud everywhere, inflation, and banking collapses Bitcoin is doing extremely well.

Doing extremely well, compared to what? BTC is $28k, still down like 60% from all time high. Compared to SPX, which is down around 15%. There are still a lot of unknown events that we will never know when they will unfold. It's too early to state something like that.

3 - It doesn’t make sense for such a large back track now and people will continue to accumulate and hold waiting for the halving.

That is a big assumption. Some people will continue to accumulate (like Michael Saylor) and hold waiting for the halving. Many people have left the game. This market is highly irrational. It's the wild wild West out there. You can't really say if something makes sense or not.

Bonus, some "crypto analyst" that many crypto sites often speak highly as if he has a crystal ball. This guy has around 200k follower. They often touted "renowned for his bottom prediction for Bitcoin in 2018 at $3.2k, made six months in advance.

With the rise of Cryptocurrencies, the number of Crypto traders has flourished too

This is the guy that often known for "calling the bottom at $3.2k" back in 2018". A lot of "crypto journalists" say about this guy and praise him as if he has a crystal ball.

He did call the bottom $3.2k in 2018

Guess what, he did it again in 2022:

"I'm calling a bottom at exactly $25.8k with a 1k leeway either side"

Not so accurate this time

A broken clock is right twice a day. Remember that.