Bloomberg & eToro Crypto Analyst Sentiments: A Bullish or Continued Bear Trend for BTC?
The crypto markets have begun the year on an uptrend after the bloodbath experienced during the better part of 2018.
At the moment, we are looking at a possible new support level for BTC above $4,000. The consistency over the next month will be a key market indicator for what to expect of the crypto markets in 2019!
Looking back at the 2018 cryptocurrency market, we cannot say a lot of positive things about the prices. However, keen crypto enthusiasts did not miss the fundamental value addition as projects stepped up their blockchain ecosystems and launched most towards the end of 2018.
Crypto stake holders including analysts are hopeful of a better 2019 & one is on record saying BTC is almost hitting its long-term low. Basically, such trends have been predicted to precede a reversal which in this case will be a bullish Bitcoin in 2019.
Bitcoin’s Buying Craze In 2019
This might just be the year for Bitcoin and altcoins again based on recent buying stats of digital assets. Crypto craze might be slowly creeping back after last week experienced a rise in the buying % of BTC according to a report by Bloomberg. The stats analysed by GTI Vera Convergence Indicator show new highs of the amount of BTC purchased within a week for over half a year.
eToro’s Mati Greenspan is among the respected voices in crypto that have commented on the recent trend we are seeing in crypto. The cryptocurrency analyst is of the view that BTC’s price action is almost hitting the support level while it’s evident the current price if way lower than the potential resistance mark.
“Usually the best thing to do is to buy low and sell high. So if we are going by technical analysis we can very easily see on the chart that we are much closer to the bottom than we are to the top,”
In addition, Mati mentioned that the positive price trend is an indicator of the prospectus crypto market as expected by most in 2019. To support this logic, Greenspan gave an example of the growing entry of firms into blockchain and crypto hence the rise in employment and capital within this arena.
Bloomberg’s crypto analyst, Mike McGlone, also holds the opinion that a consistent uptrend will be Bitcoin’s deciding factor. Therefore, we can expect a continued bear run or a reversal if the market’s momentum continues well into the year. Mike explained;
“The reduction of that selling is a good reason for the bounce. Now is about the duration of the bounce before resuming what is likely a longer-term bear market,”
BTC Price Overview
As of press date, the leading digital asset was up over 4% to trade slightly above the $4,000 level. Towards the end of 2018, BTC’s resistance mark started defining at $4,000 hence it would require a significant market entry to break this level.
On the other hand, Ethereum which was displaced from 2nd largest market cap coin by XRP is still struggling below $170. The woes of this coin began in August 2018 when it was among the most affected by the crypto market plunge.