In 2017 Bitcoin Went From $5.5k to $19k in 33 Days, Not Impossible in 2019

Mainstream media, renowned economists and other crypto critics have killed Bitcoin more than 300 times since its launch. But the digital currency always come back from the dead.

Every bitcoin crash from the past has witnessed a surge in crypto-doomsday theories. As a relatively new market, BTC charts do not behave like any conventional asset out there. They demonstrate wild price fluctuations that are adequately scary for weak-hearted traders. Even then, every serious BTC fall eventually turns into an equally vibrant bullish action. Traders, speculating on the long-term potential of the digital currency, buy the dips, hold on to them, and awaits a rally to exit on a profitable note.

The latest Bitcoin crash somewhat repeats the same cycle of death and resurrection. Only this time, the negativities are more intense presumably because of analysts. Almost every prominent Bitcoin bull had pushed $6,000 as an unbeatable bottom. They had reasons, of course. The said level had defended the bullish forts throughout this depressive year. Every extended selling attemptreversed from $6,000 area. Miners recognized it as break-even level based on their return on investments. Factors such as these led the industry to believe that $6,000 will hold the bears for good.

The belief got shattered on Thursday when Bitcoin established a new yearly low below their presumed bottom. The price found interim support at $5,188, attempted an upside correction, and is now trading at $5,471 on Coinbase at the time of writing. However, the market can extend its selling action, for the correction appears weak. In short, BTC is bleeding and in need of blood bags.

Why 2019 is Crucial

Bitcoin bull Tom Lee almost doubled down his price prediction for the digital currency, from a whopping $25,000 to a modest $15,000 by the end of this year. Whether the market will be able to recover to a five-figure value cannot be known yet, but it certainly has enough going on in the background.

Bitcoin ETF, for instance, still holds relevance to how the digital currency sentiment would be in the future. The US Securities and Exchange Commission(SEC) has rejected nine Bitcoin ETF applications but keeping one under review. The decision about it will come before the last quarter of 2018. VanEck, the ETFs applicant, is confident about its approval this time, so the bitcoin speculators have enough positive sentiments to keep the market afloat until then.

Similarly, large-scale institutions are launching crypto products to cater to big investors. Fidelity, ICE, Galaxy Digital the list is growing already. Alex Kr?ger, a prominent market researcher, claimed that the Wall Street alone had injected $5.9 billion worth of capital into the crypto space. The fruits of such investments will take time to flourish, but they will thrive in a longer run.

In 2017, the Bitcoin market added multi-billion dollars to its market cap within just 33 days. Between the said period, the BTC/USD value shot up to $19,000 from a mere $5,500. And that happened because the speculation was high. In the present, there is speculation. But it is more realistic. So a near-term fall might scare-off day traders but long-term speculators are holding their grounds.

A strong upside wont surprise, therefore. 2019 has more blood bags for Bitcoin than 2018.

The post In 2017 Bitcoin Went From $5.5k to $19k in 33 Days, Not Impossible in 2019 appeared first on NewsBTC.

18.11.2018 / 09:05 43
Bitcoin is Repeating 2014s Downtrend Action That Corrected Vastly Bitcoin is Repeating 2014s Downtrend
As speculation over Bitcoin finding a bottom grows, onehistorical price action has surfaced to back a strong demand around a specific trading range.
Novogratz Turns Bearish on Bitcoin Short-Term, Wont Break $9,000 Before 2019 Novogratz Turns Bearish on Bitcoin
Mike Novogratz, outspoken cryptocurrency investor, CEO, and founder of investment firm Galaxy Digital, is commonly known throughout the crypto
Bitcoin Price Increase Turns Long-Term Bear Bullish Bitcoin Price Increase Turns Long-Term
Staunch Bitcoin bear Boris Schlossberg, Managing Director of FX strategy at BK Asset Management, has expressed positive sentiment on key matters
Economist Claims Bitcoin Futures Killed the Strong Rally in Early 2018 Economist Claims Bitcoin Futures Killed
The FED and prominent economists believe that the bitcoin futures market ultimately led the cryptocurrency market to crash and record the third worst
Economist: Bitcoin Futures Killed the 2017 Bull Run Economist: Bitcoin Futures Killed the
As the fluctuations in the price and trading volume of Bitcoin continue to flummoxthe oracles of CNBC, a noted Japanese economist has written an
Bitcoin Price Will Top $11,500 Soon, Says Crypto Bull Predicted Recent Crash And Rally Bitcoin Price Will Top $11,500 Soon,
Bill Baruch, a cryptocurrency bull who foresaw both bitcoins recent slump and ensuing rally, has set a near-term bitcoin price target of $11,500 to
Comments (0)
Add a comment
Comment on