Bitcoin rapidly approaching the record for the longest duration of decline in the exchange rate over its 10-year history.
In the period from November 2013 to January 2015, the first cryptocurrency has experienced the most prolonged correction of prices, which lasted 410 days. After this period, bitcoin has entered the stage of accumulation, which has laid a solid Foundation for future growth in 2016-2017.
The culmination of the bull market began December 2017, when bitcoin has set a price record in the neighborhood of $19 700. From the beginning of 2018, and until now the course of digital gold is in a long downward spiral. If the price of bitcoin will not begin its recovery to the 2nd of February 2019, the community will be able to celebrate the new record set this year — the longest in the history of the correction stage.
$BTC correction of record:
On Feb 2nd, we are likely to break the record for longest Bitcoin correction: 410 days (from Nov 2013 to lowest price at Jan 2015)
Very soon, you will be able to say that you survived the longest crypto market correction in $BTC history pic.twitter.com/Mag1Nq5tyo
— Josh Rager
(@Josh_Rager) January 24, 2019
“February 2, we are likely to surpass the record of the longest correction of the bitcoin: 410 days, which was recorded between November 2013 and January 2015.
Very soon all of us will be able to say that I experienced the most prolonged fall of the cryptocurrency market in history.”
In recent times, market analysts, such as Josh Rager and Galaxybtc known on Twitter, often raise the theme of cycles and patterns in the market of bitcoin. Galaxybtc believes that if the history of the “2013-2015” again, then BTC will start a new bullish cycle in the fall or winter 2019.
“The future lies in the study of the past”
We’re approaching the 420 mark day 2015 which ended the bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019. $BTC #bitcoin pic.twitter.com/VX8ok9oFue
— Galaxy (@galaxybtc) January 14, 2019
“The future is hidden in the events of the past?”
We are approaching the 420 th day of correction. If history repeats itself, bitcoin may soon enter into a stage of accumulation at which the medium or the end of 2019 followed the next bullish cycle.”
However, at the time, as graphs paint a similar picture for both periods of correction and subsequent growth, the perception of the bitcoin market has changed significantly since 2015. Bitcoin is no longer vague or abstract asset, in our time it has become one of the main topics in Economics and politics.
An increasing awareness of the bitcoin market has led to greater control over the cryptocurrency, and much attention has been paid to the manipulation, which, according to some commentators, is the cause of many sudden UPS and downs of bitcoin.
However, if the cyclic pattern still continues, bitcoin is going to reach the final level of the market bottom.
Note that Bloomberg analysts expect that soon the price of bitcoin will begin a short term improvement cycle. According to them, this is indicated by the low value of the indicator of GTI Global Strength Technical Indicator and trade at a level slightly above the lower limit of the indicator GRI VERA Trend Signals.
In early January, investor Jeffrey Gundlach, known as the “King of bonds”, said that the price of BTC in the coming months will rise to $5 thousand.
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