2018-11-29 20:46 |
Although virtual currencies have been operating in a downtrend since the beginning of the year, Bitcoin and cryptos could reach a bottom in the coming months. According to the Bitcoin and market analyst David Puell, Bitcoin could be reaching a bottom between December and the first quarter of 2019.
$BTC:
1/ BAD NEWS: We haven't bottomed yet.
GOOD NEWS: The bottom is not that far away.
Thread…
— David Puell (@kenoshaking) November 27, 2018
On November 27, he wrote a thread on Twitter in which he gives a few reasons why the virtual currency market did not bottom yet. He explains that volatility has dramatically increased and that it’s important to have a ‘granular view of current volume node structure.’ For him, it is very important to pay close attention to the $4,300 area.
He has also talked about some reasons why he believes Bitcoin is going to reach a bottom very soon. For Puell, given the strength of the downtrend and the information that the market is providing to traders, it could be possible to see a ‘selling climax’ as soon as December and as late as February.
Fin/ Given the strength of the downtrend and current information, a selling climax may come as soon as December and as late as February.
Anything substantial changes. I'll post.
— David Puell (@kenoshaking) November 27, 2018
The potential bottom target that Puell gave is close to $2,800. If Bitcoin reaches that price, it would represent an 86% decline since its all-time high of $20,000 back at the end of the last year. Since that moment, Bitcoin plummetted around 82%, hitting $3,600 dollars a few days ago.
The whole cryptocurrency market experienced a hard drop since January. It seemed that the whole crypto market was ready to reach $1 trillion dollars, something that did not happen. When the market was close to hitting $900 billion it went down as most of the virtual currencies.
Bears seem to have taken the whole market. According to Willy Woo, a cryptocurrency analyst and researcher, Bitcoin could bottom during the second quarter of 2019. This is similar to what Puell argues.
Woo said on Twitter that after bottoming during the second quarter of the next year, there will be a true accumulation band. Since that moment, it would be possible to see the market recovering and starting a new bull market.
Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards.
/end
— Willy Woo (@woonomic) November 13, 2018
Bitcoin is currently being traded around $4,235 dollars and it has a market capitalization of $73.71 billion. In the last 24 hours, it registered a growth of 5.17%, similar to the growth that several other virtual currencies experienced during the last day.
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