Analyst: Bitcoin Bottom Will Set The Stage 2 For The Long Sustainable BTC Bull Drive


  • 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.

Bitcoin up 155% till date in 2019, Source: TradingView

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).

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.

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,”

states Clark.

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.

Bitcoin (BTC) Live Price

1 BTC/USD =$59,666.5034 change ~ 0.67%

Coin Market Cap

$1.11 Trillion

24 Hour Volume

$15.68 Billion

24 Hour VWAP

$59.78 K

24 Hour Change

$400.81

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