Bitcoin (BTC) Price Bottom Looks to be Settling In as Current Stock Market Rout has No Effect Yet
Bitcoin did not have a good year. The market lost around 75% of its value since its all-time high, and Bitcoin was not the exception. However, during the last months, Bitcoin has been relatively stable.
According to Bloomberg, Bitcoin (BTC) had one day with a move of 5 per cent or more. January and February instead registered 9 of such days each.
Bloomberg Intelligence analyst Mike McGlone, says that the low volatility could be related to speculation leaving the market. This could also help Bitcoin’s price finds its bottom. With higher volatility, there are fewer use cases possible for cryptocurrencies since it would only work for speculation.
Since September, Bitcoin is ranging from $6,200 and $6800 dollars. Since December 2017, Bitcoin lost 65% of its price and it does not seem close to recover the same price level.
Charlie Morris, multi-asset head at Atlantic House Fund Management in London, said that the market is calmed and in balance. Additionally, he agrees with what McGlone said about speculation. He has also said that he would be bullish for the next major move.
“Given this bear market is now 10 months old and is getting tired, I’d be inclined to be bullish for the next major move,” wrote Morris in an email.
With low trading volume also being an important characteristic of this market at this moment, any important investor or whale could effectively move the market in a very easy way.
There are some experts that remain bullish for the future, including Mike Novogratz, Thomas Lee or Nigel Green. All of them, important figures in the cryptocurrency space, believe that the market has the potential to reach new all-time highs in the coming year or more.