Here’s why BItcoin will start Pumping in the Fall
“History Doesn't Repeat Itself, But It Rhymes”
Similarities have been already noted between the bear market of 2014-2015 and the ongoing one that is the biggest one ever. If we take a look at the year 2015, Bitcoin price pumped in mid-February which recently happened when BTC surged above $4k.
We could expect another bout of price jump which according to analysts could have Bitcoin see $4,200 and $4,500 as happened in 2015 when BTC price went from $230 to $296 in March.
In mid-July 2015, Bitcoin went just above $300 only to take a hit of $100 to $203 level. Bitcoin is currently struggling around $3,800 and is expected to find its bottom in the first quarter of 2019. Though, some experts believe we have already hit the bottom and bitcoin won’t be dropping below $3k, it is yet to be seen.
Bitcoin price in 2015, Source: Coinmarketcap
The leading cryptocurrency is projected to trade sideways for most of the year. If we see the chart depicting Bitcoin price movement in the year 2015, it has been only in the fall that price started seeing solid signs of greens when from $203 in late August, Bitcoin price constantly moved upward throughout September and reached $480 in early November.
Tuur Demeester, founding partner at Adamant Capital also shared how in the fall the “actual” green was recognized in Bitcoin in the 2015 cycle.
While speculation around Bitcoin bottom being in or not is rife, the crypto market is constantly experiencing growth and adoption. The latest win for Bitcoin came into the form of US stock exchange Nasdaq adding two new digital currency price indexes for BTC and ETH.
Recently, one of the oldest and largest Swiss Banks gave the crypto community another reason to be positive by announcing that it will soon begin offering a new range of digital assets for its clients. Meanwhile, Bakkt and Fidelity are moving forward with acquisitions and investments before going live with their platforms sometime in 2019.
In the coming times, we would expect to see even more interest as eToro’s senior analyst, Mati Greenspan said,
“It looks likely that, within the next few months, every portfolio manager in the world will have easy access to trade on and invest in bitcoin, ethereum, and other crypto-assets.”