Bitcoin is recovering slowly from the dip to $6000.
It won't skyrocket immediately to 20.000 and higher. Market move in waves.
Are we still in an upward trend and was this a temporary correction?
Or was this THE crash and are we now in a recession?
Here is the case for the bears:
One of the charts used is the NVT ratio:
Bitcoin NVT ratio: the current price is still too high for the value being transmitted over the network
Bad signs:
It is clear the hype phase is gone and we're now in still waters.
The price won't drop immediately. It can hover sideways for a long time if people think around $11.000 is a fair price for Bitcoin.
But we need buyers. Miners are selling their mined bitcoins every day, and someone needs to buy them.
I don't see Bitcoin rise to $20.000 and higher with so little interest around the world. $20.000 would make Bitcoin hightly overvalued at this point.
