Bitcoin’s Bear Market Will Not Last Forever, Is Only Temporary, Per to Stubborn Crypto Trader
Bitcoin has been slowly treading the waters of the bear market since the beginning of 2018, as its value dwindles in a way that leaves many investors nervous about what is to come. Many naysayers have even alleged that Bitcoin is failing, and the downward trend has even led to an op-ed from MarketWatch, which alleged that this massive cryptocurrency would soon reach a “death spiral” down to zero.
While there are many crusaders for Bitcoin that are debunking these concerns, especially Andreas Antonopoulos, there’s plenty of cynics that are equally stubborn that cryptocurrency is almost over. At the World Economic Forum Convention, a venture investor named Jeff Schumacher said that Bitcoin will most likely fail completely, considering that it is
“based on nothing.”
Still, there is one major crypto trader that believes that the bear market will not be permanent, and it will definitely not be the end. NewsBTC published a report last year that said that the bear market was reaching the was reaching the 420th day, which was the same number of days that the 2014-2015 bear market continued their suffering. However, Galaxy, the aforementioned trader, said that this could mean a bully really is coming in 2019 if history truly repeats itself.
Today, we're creating history with 411 days of bear market and the longest since #Bitcoin was born.
No one can tell us exactly when is going to end, but it is important to remaining focused on the long-term and remember that it cannot last forever. pic.twitter.com/IkDFwnnRN5
— Galaxy (@galaxyBTC) February 1, 2019
On Friday, Galaxy noted a major milestone had been reached, considering that the bear market entered its 421st day, which is
“the longest since Bitcoin was born.”
Continuing, the tweet said,
“No one can tell us exactly when is going to end, but it is important to remaining focused on the long-term and remember that it cannot last forever.”
The trend was paired with the fact that BTC posted six consecutive months had posted losses, which is another first for Bitcoin.
At this point, Galaxy has not shown any possible end-dated for this downturn, but he expressed his certainty that this won’t be a permanent stated. It is better to focus on the bigger picture, instead of how Bitcoin performed on a daily basis. Along with Galaxy’s opinion of Bitcoin’s continued longevity, industry insiders like Alex Pack of Dragonfly Capital Partners.
Pack elaborated that BTC could still fall below $1,000 but falling to zero is incredibly unlikely. Pack added that Bitcoin’s position as a
“landmark in the history of money,”
has developed into a
“dependable store of value.”