Bitcoin up by almost 13% in less 72 hours, bull is near?
Bitcoin has been showing positive moves in the less than 72 hours. Is this the end of the bear cycle?
Bitcoin has been showing some positive moves in the last couple of days. In fact, it has managed to increase from its lowest $3,210 on December 8th to the current price point of $3,603, which is almost 12% up in just less than 72 hours.
The total market itself has seen an addition of around $11 billion fund, which keeps the numbers to above the critical point of $100 billion.
Another good news also comes from the other major cryptocurrencies like Ethereum (ETH) and Bitcoin Cash (BCH). Both cryptos have been reported to have shown a promising rebound, which is said to be caused by an extreme overselling.
That said, some analysts don’t suggest to get overly excited over the recent positive moves. A prominent crypto analyst, DonAlt said that Bitcoin has to break the $3,700 resistance level, or otherwise it will stay in between $3,300 and $3,600 without any hopes of the next bull run.
Quoting what he said, “Another good day for BTC. That said it’s still nowhere close to turning bullish on the higher time frames. While the low timeframes look decent, BTC hasn’t even reclaimed the previous trading range. Until it does, no swing long trades.”
Economist and crypto trader, Alex Kruger has a slightly better overview as he thinks that Bitcoin has survived bigger loss during multiple market sell-offs. Thus, according to him, the largest crypto is in a way better position to get into an accumulation phase and consolidation period.
He compared BTC with the other struggling cryptocurrencies like ETH and BCH, which he said BTC is doing way better as it will need to drop another 72% to be similar to what ETH and BCH experienced.
“Performance from all-time-highs to date, for the main cryptoassets: BTC -82%, XRP -86%, ETH -93%, BCH -95% (using Bitfinex’s data). These may all look equally bad. It is not so. The difference between -82% and -95% is a further 72% drop,” he said.
Regardless, the market is still far from promising or as CCN reported, the market is still nervous.
Many analysts agree with DonAlt’s analysis that BTC needs to break through the $3,700, or otherwise, it's still very risky to drop to a new yearly bottom.
Moreover, BTC and other major cryptos haven’t yet established a proper bottom, while the smaller ERC20 tokens haven’t shown signs of a large corrective rally.
Added with the fact that positive developments from Nasdaq, Bakkt and NYSE futures will not take place until Q1 2019, it’s very likely that the real market recovery will only happen on similar time frame.
Lastly, referring to the aforementioned analysis, the proper question for now probably is not "Is the bull coming soon?" but "Has Bitcoin reached its all-time yearly low already?"
Check out Chepicap's Technical Analysis on it with our very own David Borman and make sure to subscribe to our YouTube channel to get the latest news and analysis.
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