Did Bitcoin Bottom Out at $5,800 and is This the Beginning of a New Rally?

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In merely three days, the Bitcoin price has recovered from $5,850 to $6,500, leading the entire crypto market to rebound by a large margin.Followed by the establishment of Bitcoin’s newly found momentum, tokens and small market cap cryptocurrencies have risen by absurdly large margins, by around 30 to 80 percent in the past 48 hours.As NewsBTC reported earlier today, on August 17, the price of China-based cryptocurrency VeChain rose by more than 50 percent as other tokens including Ontology and ICON recorded solid 30 percent gains.Has the Market Reached its Bottom?A strong case can be made, despite the expectations of prominent investors such as BitMEX CEO Arthur Hayes and Susquehanna digital asset lead Bart Smith for another large drop in the value of Bitcoin, that the cryptocurrency market has reached its bottom.Weekly gain of Bitcoin, price chart provided by CoinbaseBoth Hayes and Smith have said throughout the past week that