Have we hit the bottom? š
Here are a few reasons to believe that we hit a local bottom in the market yesterday and that further upside is on the horizon through 2024 š
ā¢ The Fear and Greed Index is 43, which means fear. We've come a long way down from extreme greed in March.
ā¢ The current market price closely aligns with the cost basis of recent buyers, suggesting minimal downside potential as most susceptible sellers have already exited š
ā¢ Realized losses for short-term holders are currently high, they tend to peak near local market lows, indicating panic selling has reached its climax
ā¢ The MVRV ratio for short-term holders falling into the 0.9 to 1 range indicates the market is near a point of maximum financial strain š
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