Bitcoin (BTC) Bulls Are Prepping to Turn the Tide on the Bears, But When?
Bitcoin did not have a positive year in 2018 if we take a look at its price. It lost more than 80% since its all-time high and around 75% since the beginning of the year until the end of 2018. There are some analysts that predict that Bitcoin could keep falling in the near future.
However, there are some important events and launchings that could help Bitcoin recover its price in the future. According to an indicator that is used to detect trend reversals, the GTI Vera Convergence Divergence shows that Bitcoin is in its longest buying streak in six months.
When the GTI Vera Convergence Divergence indicator showed buying signals, Bitcoin grew for a month. According to Bloomberg, if Bitcoin’s buying pressure persists, it could keep raising in the near future.
Mati Greenspan, a senior market analyst at eToro, commented about this market:
“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.”
During the first weeks of December, Bitcoin and virtual currencies fell down to new year lows. This clearly affected the sentiment in the market. However, things changed now that we entered in 2019. The market started to recover and some virtual currencies such as Ethereum (ETH) or Litecoin (LTC) grew more than 50% since their bottom.
Apparently, the worst could be over. In the near future, the Intercontinental Exchange (ICE) is going to launch the Bakkt platform, specifically designed for institutional investors.
Furthermore, the U.S. Securities and Exchange Commission (SEC) could also approve the first Bitcoin exchange-traded fund (ETF). If these things go as planned, then the market would clearly take it in a very positive way.
One of the best-performing assets at the moment is Ethereum. It will be experiencing a hard fork called Constantinople in just a few days that will reduce the reward that miners receive for their work. Since the supply will be reduced, with a growing demand for the asset, its price could also experience an increase in the future.
At the time of writing, Bitcoin is being traded close to $3,800 and it has a market capitalization of $66.41 billion.