Quick Crypto Facts: Bitcoin Bears Getting Tough Competition, Are We Ready for a BTC Breakout?
We are currently in the longest bear market ever after Bitcoin hit $20,000 in December 2017. Since then, Bitcoin has been constantly moving down seeing the low of $3,200 in December 2018.
We have yet to see a bull rally as Bitcoin hasn't been able to move above the $4,200 level, being stuck in the range of $3,600 and $4,200. But as Mati Greenspan the senior analyst at eToro said,
“The entire crypto market has been growing increasingly optimistic lately as adoption continues to rise. Crypto winter seems to be coming to an end and people are preparing for spring.”
Just yesterday, the SFOX Volatility Report for February period has been released that states the market has turned mildly bullish. However, according to crypto analyst, planB a bull market just might have started as he shares on Twitter:
“Signal based on geometric / arithmetic mean dynamics suggests next bitcoin bull market might have started.”
— PlanB (@100trillionUSD) March 7, 2019
Unlike many analysts that are betting for Bitcoin to go under $2k, according to one analyst “the most logical target in terms of liquidity would be below 3330$, which is the current 2019 low.”
Meanwhile, planB shared a few days back why Bitcoin won’t be going down below $2k. He pointed out that miners have already capitulated with difficulty being -25% Nov/Dec and Bitcoin halving being just 14 months away. He further noted that Bitcoin never drops below the geometric mean that is $2,750 or 50 percent of the stock-to-flow model that is $5,500 while adding that “RSI bottomed at (42) now rising.”
The market is ripe with events that are giving stiff competition to bears as everyone is accumulating, even the likes of Twitter CEO Jack Dorsey who has been enamoured with Bitcoin as it was recently revealed he is investing $10,000 in Bitcoin every week while stating, “I think there’s a massive acceleration that’s going to happen within the next 10 years.”
How to shut up a #Bitcoin Bear 🔇🐻
• @DigitalAssets on the way 🏦
• @Bakkt coming up 💪 @Starbucks ☕️
• @jack is buying $10k a week 💸
• Argentina investing 🇦🇷
• $BTC usually reverses ~85% ⬇️ from ATH 📉📈
• Volume up across the board 📣
• Everything @binance is doing 🌐
— The Crypto Dog📈 (@TheCryptoDog) March 7, 2019
The fundamentals of Bitcoin are getting stronger as transactions are reaching to break its highest record while as the crypto trader, Crypto Dog puts it BTC has already dropped 85 percent from its all-time high, so an upward movement could be expected from the market while we move closer to historically bullish event bitcoin halving.