As I have explained to one of my commenters before, the answer to these questions are a lot simpler than you might think. First of all, we need to ask ourselves what defines a bottom. Well, a bottom is when (i) price found buyers and (ii) sellers exhausted their selling inventory. New or smart money comes in and buys everything on the table. This is basically what happened when price hit that pocket of between June 24-29.
You might say that $5,755 cannot be "the" bottom because capitulation has not happened for Bitcoin . History has shown us time and time again that capitulation existed in every big correction, be it in stocks, or even cryptocurrencies like Bitcoin . In other words, capitulation is inescapable. And if that's the case, why hasn't it happened yet for Bitcoin?
To answer this question, we need to understand what triggers capitulation. Capitulation is triggered when people lose faith in Bitcoin , stop buying it and sell off everything they have got - much like what happened back in 2014 with the MT Gox crash. In short, there needs to be a catalyst big enough to trigger capitulation.
In the case of Bitcoin today, I simply don't see capitulation happening unless Tether collapses or we have some other equally devastating catalyst. And since price could not get any lower than and no Bitcoin-killing catalyst has yet to surface, the only remaining path for Bitcoin now is... well, you guessed it... UP!
That's all, my friends! Happy trading!