"This chart [May] Awaken the Bitcoin bulls (BTC) "
The analysis completed by Fundstrat's technician Rob Sluymer, which was later broadcast by Aaron Hankin of MarketWatch, indicates that the current Bitcoin price table (BTC) fully reflects that seen at the end of 2014 and at the same time. in early 2015, the last sad market of this market.
For those not involved in the cycle, between the end of 2014 and the beginning of 2015, BTC experienced a sharp sell-off after having touched quadrupled figures at the end of 2013 in one sector in the first place. This infamous historic bear market, which was only exacerbated by the world-famous $ 440 million hormone of Mt.Gox and its subsequent consequences, saw the altcoins, like Feathercoin now close to death, lose 90 % + of their value, while BTC held relatively strong.
However, the fact is that during this period, which lasted more than a year, the BTC decreased by 84%. And, interestingly, even though the bears of 2018 did not last long, Sluymer of Fundstrat Global Advisors, a New York-based Bitcoin-based market research firm, has recently drawn lines between current and historical price levels.
More specifically, as illustrated in the following graph, the decline in the BTC of 2018 and 2014/2015 did not reach only 85%, but just as the BTC fell by 43% in the first two weeks of 2015, the 39; assets decreased by 45% November 11 to 25. Therefore, taking into account that in 2015, BTC has seen a sharp decline before suffering a monumental recovery, some believe that the short-term future is bright for the cryptocurrency market in general.
As many prefer to say, "the markets are not repeated."
Sluymer, touching the recent capitulation of Bitcoin and 2015, wrote:
In contrast to rebounds that have developed up to 2018, weekly RSI [relative strength index] it is now at levels not seen since the last BTC bear market was low at the start of 2015 and BTC is showing the first evidence of a response to its long-term uptrend following three major downward movements in 2018.
It is unclear whether the cryptocurrency market is destined to rebound, but many bulls are certainly awaiting such a price action.
Not everyone is all too convinced
While the clever analysis of Fundstrat has value, many are not convinced that lines can be traced with precision, since the Bitcoin industry has matured beyond measure in the last year alone and even more so. in the last four. In addition, others have claimed that the worst is yet to come for cryptographic resources, with a multitude of analysts who notice that the lower lows are in the Bitcoin cards.
Vinny Lingham, CEO of the blockchain-centric identity ecosystem Civic, took a little time to speak to the CNBC Fast Money panel on Monday. Asked about the million dollar question, the anchored CNBC Mellisa Lee questioned Lingham, also an investor of the Shark Tank in South Africa, where BTC could be headed.
Taking the question calmly, the civic leader noted that Bitcoin will probably remain between $ 3,000 and $ 5,000 for a while. "
Offering its more specific claim, Lingham explained that trading within the aforementioned $ 2,000 range will likely continue for a minimum of three or six months, a common timeline in the eyes of Bitcoin's short-term bears. The entrepreneur added that if a convincing breakout is not established by the end of the six-month range of Bitcoin, a strong raid under $ 3,000 would not be out of the realm of possibility.
Another member of the industry, Murad Mahamudov, a Princeton graduate who has become astute cryptographic analyst, recently said that BTC is in the middle of a long-term downtrend triangle, a downward trend in other words. Mahamudov notes that if BTC remains in its downward state, the asset could fall to as low as $ 3,000 when 2018 will end.
Title Image Courtesy of Andre Francois on Unsplash