Is The Next Crypto Bull About To Start? Bitcoin Ended Its Longest Losing Streak Ever
After months and months facing maybe the toughest bear market ever, Bitcoin has ended its longest losing streak ever. During February, the aggregate value of cryptos has shifted up, going from $112 billion USD to $130 billion USD. This is a 16% rally, so it can surely be considered that the market is looking good now.
While some people seem to believe that we are far from worst and that the bear will stay with us for a long time yet, Bitcoin has ended a losing streak of six months going down, so there are plenty of reasons to commemorate now.
2018 was an awful year. in terms of pricing but equally as impressive for all of the new announcements, partnerships, updates/upgrades and ultimately activity within the Bitcoin-led crypto ecosystem. However, no one would dismiss that 2018 was painful in large due to most retail investors getting burned at the stake. All hope turned into dust mid-year when people started to see the crash happening. However, 2019 brings hopes to all as it looks like there is an actual chance that the end of the bad times may be soon.
The End Of The Losing Streak of Six Months
In the last 28 days, Bitcoin's price has seen ups and downs, but mostly ups. The crypto opened the month at around $3,5000 USD and it finished it by $3,900 USD. Some crypto traders hope that this new level will provide some support for BTC and that the token will be able to reach $4,000 USD and stabilize with time, which would be a great change for prices.
A popular crypto figure called “Mayne” used Twitter to draw attention to the fact that Bitcoin will possibly follow one out of two routes. One of them is to go up or down, obviously, with a new low being $3,150 USD in the worst case scenario and over $4,000 if things happen as the community wants.
Obviously, some crypto analysts are eager to declare that a new bull run has been started, but it is way too early to determine that. Bitcoin has shown resilience against the crypto winter, but we still need to see a stronger move upward to determine what will happen.
A trader named Roy Blackstone has noticed several “eerie parallels” between Bitcoin Nasdaq’s post-2008 crash recovery, however. According to him, Bitcoin could have notable gains in the following year, especially as there is a block reward reduction coming up.
Some other people have cited the post-recession cycle that Bitcoin suffered in 2014/2015 as something akin to what is happening now. In any case, a lot of people are very hyped by the position that Bitcoin is in right now.
Not only the technical numbers are looking good, but also the fundamentals as well, as on-chain BTC transactions have started to rise in value lately, something that could also mean that the end of the bear market may be near.
Dan Held, the co-founder of Blockchain.com, has affirmed that it will take some time for Bitcoin to gets its value back but that the currency is certainly not dead as some people seem to affirm.
Too Soon To Declare a Bull Run
While the price increase of February is relatively modest when compared to other Februaries, in most of them Bitcoin was not in such a dire crisis, so there is some significance in the price going up and even surpassing the $4,000 USD resistance mark for a while.
In the previous months, Bitcoin dropped 9%, 6%, 4.4%, 37%, 7% and then 7.5% again. The most damaging reduction in price was 37% in November, which was caused by a massive sell-off.
While being in the green is always good any asset, some traders are also very careful as some people have commented that the hype generated by the end of the losing streak may actually be more trouble for Bitcoin, as some people might want to sell-off later to get their profit cuts.
What is certain is that the traders will want to wait a little bit more before declaring that the bear market is really over.