The latest bitcoin data shows that Bitcoin actually never saw a bear market in 2019 and the evidence is really easy to find on the blockchain according to some analysts as we are reading below in the bitcoin price news.
The data covering multiple metrics shows that despite the recent price volatility, Bitcoin managed to hold a strong position this year. The investors agree with the numbers of the so-called hodlers which are more attached to their coins than ever before. The BTC/USD pair dropped multiple times since September and the rapid rise and fall of the coin triggered predictable warnings from the critics and a lot of headaches for the traders.
As noted by PlanB, the creator of the Bitcoin stock to flow, prediction model, Bitcoin’s 200-week moving average has never really gone down. Uploading to the twitter charts a few days ago, the analyst revealed that the short-term price action failed to turn the 200WMA negative at any point in Bitcoin’s lifetime. The current growth is 3 percent per month or about $150 according to the analyst. Bitcoin’s drop to $6,400 has also failed to convince the analyst Willy Woo that the conditions are worse than they should.
In a tweet a few days ago, Woo said that the recent events influenced the price and now the price is in accumulation bracket and are not in a bearish market.
“Are we in a $BTC bear market? No, we are in the re-accumulation phase of a bull market. In 2018 $6k was held with buy walls inorganically, smart money exited, the walls were let go and we overshot to the low side.”
As it was reported previously, the trends in investors’ behavior started changing even before April’s 2019 bull run. Despite the drop to $3,100 to almost $14,000, there was very little from the available BTC supply that actually left the wallet in that period. Another entrepreneur Alistair Milne noted that about 70 percent of the supply remained static over the past six months and he says that this movement is similar to the ones when Bitcoin halved its block size in 2016. As with the next halving in 2020, the previous event was also considered as a potential catalyst for the Bitcoin price.
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