Bitcoin has rallied strongly since the $3,700 lows established in March. From the bottom of the crash, the cryptocurrency is now up just shy of 150%.
Although this upswing has convinced many in the industry that the bear market is over, some beg to differ. Prominent analysts and commentators say that the cryptocurrency has a chance at retesting the $3,000s.
Backing this prediction, they cite simple technical factors and the looming specter of a deeper recession in the global economy.
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Bitcoin Poised to Plunge Towards $3,000s
Earlier this year, a prominent trader called for Bitcoin to fall to the $3,000s and for XRP to reach $0.11. At the time, this call was laughed off, as the cryptocurrency market was surging higher.
The trader has since been proven correct as Bitcoin, XRP, and other cryptocurrencies took a nosedive in March due to a worsening global economy.
While BTC has since recovered, the same trader still expects Bitcoin to correct even lower.
He indicated in the chart below that he still sees a scenario where the leading crypto falls to $2,000, and maybe even as low as $1,000.
Chart from il Capo of Crypto
The calls for an extension to the Bitcoin bear market have been echoed by Ross Ulbricht.
Ulbricht is a very early cryptocurrency adopter that is known for running the Silk Road marketplace.
He explained in a Medium post titled “Bitcoin by Ross #9: A Strong Signal for Lower Prices” that Elliot Wave analysis suggests BTC is in the second phase of a multi-year bear market.
Here's my latest #BitcoinByRoss post: A Strong Signal for Lower Prices.https://t.co/2VxoyT28NZ
— Ross Ulbricht (@RealRossU) April 11, 2020
Elliot Wave is a form of technical analysis that indicates markets move in predictable wave phases due to investor psychology.
Ulbricht, who is also an early trader according to some accounts, suggested that Bitcoin could return to the $2,000s or even $1,000s by June or July, or well into 2021.
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The Rally on the Other Side Will Be Huge
Despite the expectations from prominent market participants of downside, the consensus is that the rally on the other side will be large.
Ulbricht, for instance, wrote that the sky is the limit for Bitcoin in the long run:
“I am still bullish long-term… The point is — long term — the sky is the limit. The remainder of wave II and the start of wave III will seem like insignificant fluctuations by the time wave III is under way. Decades from now, anything below $20,000 will seem cheap.”
There are fundamental reasons analysts have to be this optimistic.
Tuur Demeester, the founding partner of Adamant Capital, recently explained that the money-printing by governments is making $50,000 Bitcoin possible.
The idea goes that with there more fiat money in the system than ever before, BTC stands to greatly benefit due to its scarcity.
Featured Image from Shutterstock origin »
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Exploring the possible end of the Bitcoin bear market, examining historical trends, the legacy banking system, and contrasting regulatory stances to understand the future of crypto.
The post Has the Bitcoin Bear Market Ended, or Are More Losses Ahead? appeared first on BeInCrypto.
Bitcoin is down 3. 5% today, but did you know that these liquidation cascades are actually normal in crypto? By analyzing previous bear market charts, we've discovered a unique trend that occurs when emerging from the depths of a bear market.
On-chain data suggested that the bear market might be nearing its end.
Growing open interests and positive funding rates hinted at the likelihood of claiming the $30,000 price mark.
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Peter Brandt, a veteran future and FX trader, said on October 30 that the Dogecoin (DOGE) spike signals the end of the bear market for the memecoin. However, following up on his previous tweet, the veteran investor warned traders against assuming the end of a bear market automatically signals the beginning of a bull market.
The current bear market has made engaging in crypto-related activities like trading challenging. Bear markets are periods of extremely high volatility and falling prices, making them less alluring and riskier.
As the clock ticks, the more certain we become that a bear market is here to last. Recovery looked to have started in June and July, but the elephant in the room remains – macro uncertainty.
During a bear market, many crypto adherents are concerned about purchasing cryptos. A bear market is a point in time when the market hits a slump that leaves many investors feeling uneasy and dissatisfied.
Shiba Inu continues to be a prominent presence in the crypto market but that has not helped it escape the onslaught of the crypto bear market. The meme coin has not only taken a beating price-wise, but its active user count has also been on the decline.
The NFT market has taken a good hit during the latest iteration of the crypto market bear run. But not all collections have lost favor in the eyes of investors, though. Notable collections such as CryptoPunks and Bored Ape Yacht Club continue to maintain their high floor prices.
Since the inception of bitcoin, bull and bear markets have been a natural part of its growth. However, like with anything that lasts a long time, the market has evolved, and so has the concentration of various things in the market.
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Crypto analysts and researchers explain the bear market as a period in which supply exceeds demand, morale falls, and prices decrease. As such, a bear market is a market that has experienced consistent or significant falls.
Rejoice! The bear market might be over. That’s the main thesis behind July’s “The Bitcoin Monthly” report. “Because bitcoin’s price did not rise parabolically during the 2021 bull market, its bear market correction could be over,” ARK reasons.
Market corrections and bear markets both involve price declines, but knowing how to differentiate between the two is crucial in protecting your investment portfolio.
The bear market carries a lot of implications for investor depending the assets they’re invested in, and for untested market such as the decentralized finance (DeFi) market, the implications can be even worse.
What is a crypto bear market? We can safely say that the crypto market has been having a challenging year; in other words, we are in a bear market. However, even during a bear market, experienced investors find a way to make money.
Be[in]Crypto takes a look at bitcoin (BTC) on-chain indicators that have historically been used to determine market cycle bottoms.
The post Bitcoin (BTC) on-Chain Analysis: Historic Bear Market Takes Price Below Bear Market Floor Models appeared first on BeInCrypto.
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With the recent cryptocurrency bear market, many Metaverse coins are on sale. The bear market makes it an excellent opportunity to start accumulating some tokens, assuming you’re brave enough to buy the dip.
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As inflation is easing in the US, investor Ben Armstrong recently suggested viewers to prepare for a bear market, stating,
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Fears are growing that the recent cryptocurrency downtrend could actually be a full-scale crypto bear market. Knowing exactly what is happening is crucial to making the right investment decisions, though no single person can categorically predict the future with precise accuracy.
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Bitcoin is still struggling to get back above $60,000, and is sinking lower with each passing day. Another defense at $50,000 might be near, and if bulls cannot support the key level another time, a bear market could follow.
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With only a 30% pullback on the books, it is hard to consider the most recent consolidation phase in Bitcoin much of a correction. But whatever base is currently being built within this range, could act as the next bear market botton after the leading cryptocurrency by market cap tops out and the cycle restarts […]
The United States stock market is now officially in a bear market. This is the quickest move from an all-time high to a bear market ever for the S&P 500. By all metrics, U. S. stocks are now officially in a bear market.
Bitcoin’s firm 2020 uptrend has done more than just put some more money into the pockets of investors, as it now appears that it has fundamentally altered BTC’s market structure, signaling that a reversal of the recent bear market is imminent.
Oil is in a bear market and one hedge fund manager believes that the stock market will follow suit. Other traders welcome the correction.
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Bitcoin has been on an absolute tear over the past few days, surging by some 20% from the $6,900 low put in last week. While some say it is too early to tell whether or not this jump marks an end to the brutal bear market that brought BTC from $14,000 to $6,400 at its... The post appeared first on NewsBTC.
Over the last few months, Bitcoin price has more than tripled from the deepest depths of its bear market lows, and is well on its way to revisiting its previous all time high of $20,000 it set at the height of the 2017 crypto hype bubble.
The Steemit content platform emerged with a novel blockchain use case when it first appeared in 2016. However, time and the bear market have not been kind to the project, as a range of issues have seen user activity dwindle.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone.
