Bitcoin (BTC) Records Half a Dozen Consecutive Months of Losses as Future Continues to Look Bleak
As many of our readers probably already know, the global crypto market is currently stuck in the midst of a bear season that has seen the price of Bitcoin drop from it's all-time high of $20,000 to a staggering $3,150.
And even though there has been a wave of good news to hit this market in recent times (such as Binance launching its debit & credit purchasing feature), the industry’s overall economic outlook appears to be quite bleak.
Also, recently Aaron Hankin of MarketWatch posted a statement online wherein he claimed that Bitcoin is all set to post its sixth consecutive month of losses— a milestone which is not something to be proud of.
If that wasn't enough, it is also worth noting that this is the first time in nearly 9 years that such a thing has happened to the premier digital asset.
More on the Matter
While a host of mainstream media outlets continue to disparage Bitcoin, there are also other analysts who are absolutely adamant that the currency is on the verge of breaking out once again.
For example, recently Moon Overlord, Mustache as well as a plethora of other independent industry experts came forth and proclaimed that BTC will “most definitely” witness an upward monetary surge in the near future— especially as its block reward halving approaches.
When taking into account historical data related to the crypto domain, many experts believe that the fact that BTC hardly showcased any financial movement despite the recent VanEck, CBOE, and SolidX ETF news just goes to show that the currency is “nearing its bottom”.
Not only that, Overlord also went on record to state:
“Bitcoin has traditionally started pumping around one year on average before it’s halving date.”
Crypto Winter Will Persist For Some Time
In a recent interview with Jani Ziedins of CrackedMarkets, the analyst noted that while the hype surrounding Bitcoin is quite similar to what was experienced during the start of the Dotcom revolution, Bitcoin did not offer investors with the “same value proposition”.
While Ziedins did concede that BTC’s 21 million supply cap was a masterstroke which prevented the currency from being subject to manipulation and inflation, he did add that with the market now being full of copycat altcoins, the impact of this technology has been diluted to a large extent.
On the subject, Travis Kling of Los Angeles-based crypto hedge fund Ikigai, recently took to Twitter and stated:
“More exchanges gone. More projects shuttering. More SEC enforcements. More developer ragequits. More ICO Treasury selling. More layoffs. More fund liquidations. More scammers exposed. More failed cap raises. More “crypto is dead”… Only then do we move higher “
Klings comments followed a statement released by crypto-exchange Liqui earlier last week— wherein the firm’s chief spokesperson announced that they did not have the capacity to provide customers with adequate liquidity owing to government based financial constraints.
In rounding off this piece, it should be mentioned that recently Princeton graduate Murad Mahmudov released a statement saying that the ongoing bearish season would continue for at least another year.
1/ Why I believe the famous 200-Week Moving Average support from the last bear cycle WILL BREAK during this bear market cycle:
— Murad Mahmudov 🚀 (@MustStopMurad) January 31, 2019
Not only that, he also meticulously explained why he believes Bitcoin’s 200-week moving average (MA) support would break within the coming 60-180 days— following which Mahmudov believes that BTC could stoop to a value point of around $1,700.