Bitcoin Timestamps the Most Meaningful Uptrend in the Bear Cycle but Price Could Find New Lows
Bitcoin reached its all-time high back in December 2017 when it was traded close to $20,000. Since that moment, the most popular digital asset fell more than 80% and reached new lows in more than a year in December 2018.
Nonetheless, the digital currency has been in the longest uptrend in the bear market since reaching $20k. Could Bitcoin keep falling lower?
Bitcoin Could Keep Falling
Once Bitcoin started to fall in December 2017, the popular digital asset peaked on several occasions.
In 2018 Bitcoin has been in a bear trend, but in March, May, July and August, Bitcoin tried to break out from the downtrend. During the last year, bitcoin has never been in such a long positive trend as now.
The longest uptrend in this correction so far… and counting. pic.twitter.com/4gXUxnUYMN
— dave the wave (@davthewave) March 11, 2019
According to Dave the Wave, a recognized crypto analyst and trader, Bitcoin has been in a positive trend since bouncing from $3,400 at the beginning of February. This uptrend has lasted for 33 days and it can keep during the next days.
As per previous reports released by Dave the Wave, the MACD suggests that Bitcoin never fell below the indicator’s centre point. That means that the digital currency could eventually keep falling in the future until reaching a real bottom.
Another cryptocurrency analyst, Sir Bitlord, showed that Bitcoin could fall once again before starting to grow and start an accumulation period. He said that the sell off could start as late as in April.
— ฿ITLORD 01 (@Crypto_Bitlord) March 10, 2019
Back in 2015, when Bitcoin was in a bear market as the one that we are currently experiencing, the digital asset tried to move up but it was not able to be traded above its resistance level.
After this situation, the market plummeted once again. Indeed, as Bitcoin saw a large resistance in $4,200 and it was rejected from that price level, the digital asset could fall further and be traded under $3,000 before starting a new bull run.
Currently, Bitcoin is being traded around $3,900 and it has a market capitalization of $68.6 billion.