Crypto Analyst Prediction: Bitcoin Price Bottom in December 2018 or February 2019?

Although virtual currencies have been operating in a downtrend since the beginning of the year, Bitcoin and cryptos could reach a bottom in the coming months. According to the Bitcoin and market analyst David Puell, Bitcoin could be reaching a bottom between December and the first quarter of 2019.

On November 27, he wrote a thread on Twitter in which he gives a few reasons why the virtual currency market did not bottom yet. He explains that volatility has dramatically increased and that it’s important to have a ‘granular view of current volume node structure.’ For him, it is very important to pay close attention to the $4,300 area.

He has also talked about some reasons why he believes Bitcoin is going to reach a bottom very soon. For Puell, given the strength of the downtrend and the information that the market is providing to traders, it could be possible to see a ‘selling climax’ as soon as December and as late as February.

The potential bottom target that Puell gave is close to $2,800. If Bitcoin reaches that price, it would represent an 86% decline since its all-time high of $20,000 back at the end of the last year. Since that moment, Bitcoin plummetted around 82%, hitting $3,600 dollars a few days ago.

The whole cryptocurrency market experienced a hard drop since January. It seemed that the whole crypto market was ready to reach $1 trillion dollars, something that did not happen. When the market was close to hitting $900 billion it went down as most of the virtual currencies.

Bears seem to have taken the whole market. According to Willy Woo, a cryptocurrency analyst and researcher, Bitcoin could bottom during the second quarter of 2019. This is similar to what Puell argues.

Woo said on Twitter that after bottoming during the second quarter of the next year, there will be a true accumulation band. Since that moment, it would be possible to see the market recovering and starting a new bull market.

Bitcoin is currently being traded around $4,235 dollars and it has a market capitalization of $73.71 billion. In the last 24 hours, it registered a growth of 5.17%, similar to the growth that several other virtual currencies experienced during the last day.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Giving Strong Bullish Signals, Markets to Roar Higher into Next Year

Today, Bitcoin is on the move, aiming for $11,000, currently trading around $10,915. Adding to this bullishness is all the dry powder. $20 billion worth...

ETH Locked on Aave & Uniswap Records a Sharp Rise

Decentralized Finance (DeFi) is back to recovering, currently at over $11 billion, reaching an all-time high of nearly $12 billion from last week, as...

Bahamas Central Bank Confirms CBDC ‘Sand Dollar’ to Launch In Less Than 30 Days

The Bahamas Central Bank has confirmed that its pipeline CBDC ‘Sand dollar’ will roll out next month as anticipated. This will mark the first...

KuCoin Hack Update: 11 Crypto Projects Freeze the Stolen Tokens

Over the weekend, KuCoin lost about $275 million in BTC, XRP, BSV, XLM, TRX, stablecoins, ETH, and other ERC-20 tokens in a security breach....

Bitcoin Re-Entering the ‘Intense Historical Trading' Area Following a Strong Uptrend

Bitcoin is back at near $11,000. The leading digital currency has been making its way upwards since the mid of last week. Today, to mark...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today