Reasons Why This Bitcoin "Bottom " Is DifferentBitcoin / US DollarCOINBASE:BTCUSDVictorCobraBack in February. I showed why I thought Bitcoin had reached at least a temporary bottom. This did turn out to be correct. So, this shows I am not ALWAYS bearish. But I am pretty much always bearish on Bitcoin long term. 1 ) It's proven that cold storage and keeping crypto on an exchange are both unsafe. This was already proven, but with the Binance hack, it's even more of a deterrent to potential investors. 2) The U.S. government, if massive changes take place to rid us of the current administration and remove their influence across the branches of power, it becomes even less likely that Bitcoin or cryptocurrencies will see meaningful use and valuation increase. The reputation of this space has already been damaged beyond repair. 3) Bitcoin active addresses continue to decline. https://studio.glassnode.com/charts/addresses.ActiveCount?a=BTC 4) This point remains the same as it ever was: If cryptocurrencies ceased to exist overnight, nothing about society would be negatively impacted, except some people would lose a lot of money. 5) The crypto TOTAL market cap is still below the 2021 high. The Bitcoin chart above shows overall declining volume, and a lingering just on the 50 week MA (red). If Bitcoin breaks below that, price will likely gravitate towards the 200 week MA (teal). Ultimately, I do not think Bitcoin is likely to sustain any significant all time highs from here. I think the only reason it did so this past cycle was due to Trump and his administration's corruption. And, as outlined on this chart, I would not be surprised to see a huge exodus from this dumpster of a "market" should the cyber-fascists get their comeuppance. On the bullish side, because I think it's important to present the alternate view - if Bitcoin holds the 100 day MA (yellow in the chart below) and breaks out of this little wedge to the upside, there's a chance to make an attempt at new local highs. However, I do not think any big rally would come with anything positive for humanity. It would mean that a grifter somewhere is winning, or that crypto is going to be forced down people's throats despite its risks. The crypto TOTAL market cap is already below the 100 day MA: This is obviously just my opinion and not meant as financial advice. I guess we'll wait and see. Might be wishful thinking. That's it from me. Thanks for reading and following. -Victor Cobra