Some analysts believe that talking about the end of the bear market for bitcoin is still early. According to them, bitcoin is on track to reach the bottom, followed by a gradual increase in prices, writes the CCN.
So, an analyst at Bloomberg Intelligence Mike McGlone (Mike McGlone) suggests that the recent recovery of bitcoin prices is a short-term jump before reaching the last phase of a bear market.
“The decline in sales is a good reason for a rebound, which will begin after a rollback, that can talk about more prolonged bear market,” – said the expert.
From November to December 2018 all scriptactive showed strong volatility without any signs of stabilization. In the last three months the average daily trading volume was about $15 billion, which is quite low, given that trading activity tends to increase in volatile periods.
Because the daily volume of trading digital currencies are at the level of the annual lows, a breakout over key resistance levels in the short term is unlikely, experts say.
In a conversation with Bloomberg, a senior analyst at eToro’s Mati Greenspan (Mati Greenspan) has stated that bitcoin is still closer to the bottom than to the top, therefore there may be increased demand for money since the low prices are attractive for both individual and institutional investors.
“It’s usually best to buy low and sell high. If we turn to technical analysis, it is very easy to see on the chart that we are much closer to the bottom than to the top.”
However, he added:
“I see the industry, which right now is growing very rapidly, where companies are actively hiring in the area of the blockchain and bitcoin. We see new projects coming online. We are seeing signs that people are becoming more involved in this market.”
According to CCN, the ideal scenario for cryptocurrency is the gradual increase in prices in 2019, and given the historical performance of bitcoin this year it can expect several stable quarters.
How to survive a bear market with minimal losses, you can learn from our material.