- A pullback is necessary for a long sustainable bull drive
- But where is that Bottom?
Bitcoin started the year 2019 around $3,750, after going through the brutal winter of 2018 where the leading cryptocurrency lost 84 percent of its value in late December by hitting the bottom at $3,200.
After the bottom BTC price started surging. The Q1 2019 was a low one that saw Bitcoin price crossing the $4,000 level.
Then came the Q2 that registered a bull rally, seeing a total of more than 150% return. In April, we jumped above $5,500 level and then in May we broke above $8,700. June was the month when we sailed through the FOMO level – $10,000, going as high as $13,900.
A Pullback Is Necessary For A Long Sustainable Bull Drive
However, since then, we have gone down as low as $9,050 in July, the first month of Q3, 2019, which is to be expected after the bull rally of Q2.
2019 has been the start of a new bull trend after bottoming in 2018. It makes sense that price will go down, as it can't be expected to just go straight up.
The ongoing pullback is rather a healthy one before we make our way to a new all-time high (ATH).
2019 is the start of a new $BTC bull trend and people are bearish after the first major healthy correction + consolidation.
Did people really think this shit would go straight up vertical past ATH in one shot?
— ฿TF%$D! (@CryptoHustle) July 28, 2019
On-chain analyst, Willy Woo says we are completing the stage first of the bull market. Once we bottom, just like we do in every bull cycle, Woo says, stage two will begin that promises a “long sustainable bull drive.”
This bull run, according to him will take us through the end of 2020. A year that marks the Bitcoin reward halving in May 2020.
Stage 1 of the bull market is completing, once we bottom stage 2 begins promising the long sustainable bull drive that takes us through all of 2020 (if BTC continues its personality). Stage 1 was trader driven dominance squeezing us up and driving fomo. Fomo complete, stage set. https://t.co/zOHDHQBE9o
— Willy Woo (@woonomic) July 28, 2019
But Where Is That Bottom?
Coming onto the bottom, what is that level exactly?
A number of analysts and traders see $8,500 as that level. However, some see $7,500 and even lower in the short term.
However, trader Cantering Clark says “the fact that lower is so agreed upon, and the target lower is the same for almost everyone, how likely is it that for the first time everyone is right?”
Clark notes that all momentum indicators are flashing oversold and we are currently in a bull trend which he says means corrections lead to a continuation, not reversal.
“For everyone who is mentioning lower volumes across the board, BTC is the board… And volumes decreasing during a downtrend is a good thing, not a bad thing,”
Currently, Bitcoin is trading around $9,500 with 24 hours loss of 0.45 percent while managing the daily trading volume of $842 million on ten exchanges with real volume.