Analyst: Recent Bitcoin Price Action May Confirm BTC is Nearing a Long-Term Bottom5.2

Bitcoin (BTC) and the general cryptocurrency markets have stabilized following the recent bout of volatility they experienced this past weekend. Yesterday, however, Bitcoin’s price quickly dropped to lows of $3,550 on the aggregated markets before sharply surging back towards its current levels.

One analyst believes that this drop and surge, albeit relatively small, is the result of a confluence of factors that could suggest Bitcoin is nearing a long-term bottom.

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