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.
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