In the latest Bitcoin news, we have one analyst saying that Bitcoin could be in the last phase of the bear market but there might be still a long way to go before the most dominant cryptocurrency stabilizes to previous levels.
Over the past two months, Bitcoin (BTC) has recovered from its 2018 low of $3,210 to $3,850 surging by nearly 20% after demonstrating a spike in demand in a low price range. However, according to many analysts, Bitcoin may be en route towards establishing a proper bottom.
Mike McGlone is one of them. The analyst at Bloomberg Intelligence recently said that BTC will probably endure a longer bear market in the first few quarters of 2019. As he said, the recent recovery is only a short-term bounce before Bitcoin approaches the last phase of the bear market.
“The reduction of that selling is a good reason for the bounce. Now is about the duration of the bounce before resuming what is likely a longer-term bear market,” McGlone was confident.
The downtrend will likely resume soon, according to McGlone and other analysts, mostly because of the high volatility in a low price range that Bitcoin demonstrated.
Another senior market analyst at eToro, Mati Greenspan, also spoke to Bloomberg and said that BTC is closer to the bottom than the top. As he said:
“Usually the best thing to do is to buy low and sell high. So if we are going by technical analysis we can very easily see on the chart that we are much closer to the bottom than we are to the top. I’m seeing an industry that is growing at a very rapid pace right now where we see companies that are involved in Bitcoin and blockchain hiring at a rapid rate. We see new projects coming online. We see all kind of indication that people are getting more and more involved in the market.”
If the crypto market shows signs of a major rally with this high volatility rate, the asset class will be vulnerable to a large drop in the upcoming months.
Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?
- Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
- Major Support Levels – $3,950 followed by $3,920.
- Major Resistance Levels – $4,000, $4,020 and $4,060
Bitcoin (BTC) Is Likely To Surge To $400k, According To Prominent Analyst
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.https://twitter.com/Josh_Rager/status/1108205671659569152 Another chief market analyst at Think Markets UK named Naeem Aslam, also spoke about the key importance of the $4,000 level, noting that it will set a trend for which direction the markets could head next. As he said:
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend. This price level has become a matter of death or life for crypto traders.”Aslam also believes that Bitcoin could eventually surge as high as $400k, even though the current price indicators don't show that. He explained:
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.”Another popular figure in the crypto industry named Ryan Selkis, spoke about the absurdity of purchasing a bottom in times when BTC has a massive potential. As he tweeted:
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?”https://twitter.com/twobitidiot/status/1108520333039058944
Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
Analysis: Bitcoin Finally Pushes Over $4,000 As Other Cryptos Experience Growth
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