And let me just show you this, this is something I saw in the airport in Washington DC and I kid you not. This was the front cover of Bloomberg Business Week magazine. And look what it says on the front cover. It says rhymes with bitcoin. Has crypto hit the fan. Alright, now this is obviously written in my opinion, to provoke an anger. Some bitcoin investors out there, probably the hard-core bitcoin investors, especially since I'm there trying to use some rather rude language in regards with Bitcoin as you can probably guess, but whenever you see magazines publish on their front cover a doom and gloom negative articles about bitcoin at any market doesn't have to be bitcoin. But whenever there's doom and gloom and negative articles on the front cover of magazine, that is actually a very positive sign for that market historically. And statistically it's a sign that that market could be getting near to a bottom or maybe the bottom has already been reached.
Okay. So whenever you see negative articles, you know, very much doom and gloom articles in magazines, especially like Bloomberg or something else. Um, you know, just be aware that it's possible that that market could be getting near to a bottom and I think that's what's happening right now in bitcoin. And by the way, let me just say this, that I know some of you are probably thinking, well, hasn't there been negative articles about bitcoin for the last known for the last year? Yes, absolutely. You're right. There has been a lot of negative articles already about bitcoin over the last 12 months. There's nothing, there's nothing new about this I guess, but I think the pessimism is growing more and more and I think that's a, we're getting near to what I would call peak pessimism, if you want to call it that. So I don't think we've reached a position yet or everybody or the majority of people have given up on Bitcoin, which is a sign of a bottom on bitcoin.
But I think we're getting close to take a look at this chart here. This is a week, a chart of bitcoin and I love this chart. Why take a look at this massive drop in the price of bitcoin over the last, you know, over the last year or so, notice where we fell to the 200 weekly moving average, a level that I said is going to be very important for Bitcoin to hold. And so far bitcoin has managed to successfully hold the 200 weekly level. The $200 weekly moving average is managed to bounce off that level very nicely. A beautiful bounce, by all means. The question, of course, the big question right now is Ken bitcoin actually hold is 200 weekly average, or will it fall below the 200 weekly average? So if we just zoom out here on this chart, um, so that's the 200 weekly average we've managed to, as you can see, bounce off that level that was near the 3,100 level.
They're currently, we're sitting at about 3,700 and going on a daily timeframe here. Let's go to the daily timeframe chart. As you can see, bitcoin, bit of a drop here today as you can see. But here's what I would say. Look, I don't think bitcoin has bottomed yet, but I think given the level of pessimism, the level of negativity we're seeing around the world and also the growing negativity and pessimism in the mainstream media and you know in magazines like Bloomberg, you know, things like this, articles like this. I think it's a sign that we could be getting closer to a bottom. In bitcoin. My own personal view is I don't think we've bought on gets on Bitcoin, but I think we're getting close and I think that's a more likely bottom can be reached if we retest this previous low. I think that if bitcoin comes back down and retest that previous low near the 3000 or 3000, 100 level and depending on what bitcoin does, depending on their reaction we see on bitcoin around this area, we can.
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We can have a much better idea of bitcoin has bottomed or not. Okay. So I'm personally remaining cautious. I don't think we've seen evidence that bitcoin has bottomed yet, but I think if bitcoin comes back down and it's a. it's an if we don't know if it's going to retest this level or not, but I think on the balance of probabilities, if bitcoin comes back down and retest this previous level back in December and if we manage to somehow hold that level and bounced off that level, we can have a much better idea that bitcoin has bottomed or not. My personal view is that a bottom on bitcoin probably will be somewhere just below the 3000 level. Okay. There are some people out there who seeing that bitcoin is going to go down to 500 to $300 and you know, some crazy people out there risking bitcoin's going to go to zero.
I am not one of them. Okay. So I am not one of these crazy lunatics out there who's saying that bitcoin is going to go to zero or a to $100. 200. No, I don't think that's. I think that's ridiculous, but my personal point of view is that the more negativity, the more people out there who said that bitcoin is going to go all the way down to, you know, $500 to 300, I think the more of those people you see, uh, the more likely it is we're reaching a potential bottom in bitcoin and remember we want to see people giving up. And here's another thing I want to say, which is that watch out for hardliners. Now, if you're a handler, that's fine. What I'm trying to say is there's a lot of people out there who probably bought bitcoin in order to hold it forever, but remember, not every person who bought bitcoin has a long-term perspective.
A lot of those people probably have lost our nerve, probably getting nervous. And I think if bitcoin comes back down to test this level again, they might actually panic and bail out. Okay. So what I'm waiting for is I would like to see more and more hotlines out there. Again, I'm not talking about you if you're a toddler. No, I'm talking about the people out there who, you know, your average ordinary investor who doesn't have a long-term perspective and is now losing their nerve. So maybe a lot of those folks who might lose their nerve on panic when they bail out when they panic and go from being a hustler too, you know, to a seller, I think that's when we could potentially see a bottoming formation on bitcoin or a guys. So that's what I'm looking for in regards to bitcoin. And again, as I mentioned, when you see articles in the mainstream media and on magazines like this, uh, you know, has bitcoin, he has to hit the fan. I think that's a positive sign for bitcoin because it shows that we're getting near peak pessimism on Bitcoin, but I don't think we're there yet. I don't think we've reached a bottom or indeed peak pessimism just yet, but we'll keep an eye on this.
All right guys, I hope this video helps and if it has, please give it a thumbs up. And also please subscribe for future videos if you haven't already subscribed. Thanks so much indeed. Bye.