Bitcoin Bulls Could Be Making Big Crypto Bears Sweat in 2019: BTC/USD Price Outlook
Despite shedding more than 20 billion dollars off the total market in a day, Bitcoin had peaked to $5700 before falling to $5050. It is currently sitting at just above that level at $5064. Many financial publications had called the drop a correction and many more traditional traders had speculated that Bitcoin would bottom out under $5000.
That hasn't happened. Experienced cryptocurrency traders have said that should Bitcoin hold out and stay above the $5000 line; it would go on to give the Bulls a much-needed push. The bears came, but the bulls managed to stay the fall and we are now in a period of stagnation
Should bears really be sweating it right now?
While many people are saying that holding on to $5000 has been a tremendous success, others are going a bit further with their analyses. One such crypto expert, PatThoughtsOnCrypto said via Twitter that if he were a bear, he'd be sweating right about now.
Pat claims that looking at bottoms is a defeatist way of looking at the market and that paying attention to larger trends should take precedence. He is looking to ride a larger trend, which more and more people are confident of it being on an upward trend.
What this means in slightly more technical terms is that Bitcoin has crossed both its 200-day moving average and its long-term trendline, and has done it and a large influx of volume. The first bullish reading on the Relative Strength Index (RSI) is proof of this. That gives many in the industry joy as it indicates a very bullish future.
Another interesting indicator is the Fear & Greed Index. While the current showing is Fear, the overall trend is that of Greed. In fact, there is more fear now than there was at $3900 back in March of 2018 when Bitcoin started its upward path. There is not a single analyst that does not see the similarities between then and now. Mr. Anderson, another crypto analyst says that “Disbelief is a bull's friend. The sentiment is saying she'll go higher before she goes lower.” All in all, it's showing that bulls are going to be smirking sooner than the bears will.
Where there is fear with bullish tendencies, there is stagnation
The stage having been set for further rallies in Bitcoin, many are simply being realistic as to the immediate future. Traders from both sides, bears and bulls alike, agree that the current mood is one of stagnation. Growth will be slow at first with minor dips and the price will hover between $5050 and $5150 for quite a while yet.
This is shown by research that shows the current market trends of Bitcoin show similarities to the 2015/2016 double bottoming followed by a massive rally. The only difference is the compressed time frame in which this has happened – one year as opposed to two years.
$BTC FEAR (BEAR CONTAGION DISEASE)
There is more FEAR currently at the pullback to $4900 than there was at the previous pullback to $3900
Disbelief is a Bull's friend. The sentiment is saying she'll go higher before she goes lower pic.twitter.com/JglQoXIpCX
— Mr. Anderson (@TrueCrypto28) April 12, 2019
The bullish expectation is expected at this point according to CryptoHamster and many in the industry are inclined to side with him on this point. While there are a few traders that are claiming bears will try another assault on the bulls of Bitcoin, more people agree that hibernation is the only realistic option at this point in time.
October the deadline
Zhao Dong, a giant in the Asian crypto trading space, says that the stagnation will continue for a few months yet and the rally many are expecting will only start sometime in October. This is an interesting deadline because it coincides with the release of the TON blockchain. Telegram is releasing its own coin and platform and extremely heavy trading is expected due to the sheer weight of their userbase. The force that Telegram can project with their hundreds of millions of users will play a significant part in opening up cryptocurrency to more people than ever before.
The last time volumes increased significantly led to an amazingly high bull market where Bitcoin broke all kinds of records and it is looking like Telegram could start another massive spike in cryptocurrency prices based around Bitcoin.
Along with the upcoming introduction of Ethereum 2.0, could mean that the last quarter of 2019 will be a heyday for bulls in every corner of the cryptomarket.
Live Bitcoin (BTC) Price:
1 BTC/USD =$50,973.0840 change ~ 0.99%