Bitcoin (BTC) Price Takes a Hit as Analysts Ponder if We Could Retest the December Low?
Bitcoin is currently down more than 3 percent in the last 24-hours. The prices took a drop and fell to $3,467, according to the data provided by Coinmarketcap.
Meanwhile, on Bitstamp, at the time of writing Bitcoin has been on $3,421. The leading cryptocurrency is currently managing the daily trading volume of $6.15 billion.
Bitcoin 1-day price chart, Source: TradingView
As Bitcoin took a drop, altcoins fell even harder, as usually happens in the bear market. Ethereum is approaching $100 with close to 7 percent losses. XRP and EOS both have taken a hit of about 4 percent.
Crypto Trader and Investor, Joe Rager says, Bitcoin might be on-road to testing the 2018 low,
“BTC continues to look weak. Eventually alts succumb to Bitcoin. If Bitcoin breaks and closes sub $3,445 area it will retest the 2018 lows. If not, BTC continues its sideways action similar to the pre-capitulation $6k.”
$BTC continues to look weak
Eventually alts succumb to Bitcoin
If Bitcoin breaks and closes sub $3,445 area it will retest the 2018 lows
— Josh Rager 📈 (@Josh_Rager) January 28, 2019
Crypto Traders Analyse if the Bottom is in
Industry experts and analysts have previously called out that Bitcoin will be hitting the bottom this year. For some, it was the December's $3,100 meaning we have already hit the bottom, while for others it is $3,000 or even down below at around $1000.
And with the recent, no effect of Bitcoin ETF proposal withdrawal on price had crypto trader, Moon Overlord stating,
“ETF withdrawn and we didn't move an inch… hmm. Looks like people don't want to sell at $3500. I'm starting to sense a bottom.”
But with Bitcoin taking a hit of over 3 percent, could it mean that the bottom is finally here?
This weekend Alex Melen, an entrepreneur and crypto enthusiast shared a chart where he noted the similarities to the last time in 2014-2015 when bears bottomed out.
Another crypto trader, Trader Jones shares similar sentiments as he noted,
“The Bitcoin 200 day MA in the weekly timeframe has never been penetrated by and candle. As you can see in 2015 it acted as very strong support. Another technical pointing to the fact the bottom is in.”
Just last week, Bloomberg had shared that the technical indicator, GTI Global Strength Technical Indicator is also signalling a bottom. As per the technical indicator, Bitcoin is nearing oversold level while having support at $3k to $3,100.
Meanwhile, Vinny Lingham, CEO of Civic Key had this to share regarding the Bitcoin Bottom,
“Historically, Bitcoin bear markets don’t end when the market indicates that there is a bottom. They typically end when the market indicates that there is no bottom…”
So, it’s yet to be seen if Bitcoin has finally hit the bottom this time.
As for the bulls, 2019 is expected to be all about capitulation and when will be the new all-time high (ATH) achieved, Rager said,
“at least late 2020 but more realistically 2021 BTC sees $20k+. I don't think Bakkt & other initiatives create as much immediate “fomo” as people think. The next bull market will be a walk, not a run.”