Brrrrrrrrrrrrr, it is around 3 degrees Fahrenheit outside as I write this. Winter finally came after an extended semi-warm start. For cryptos, this winter has been much longer. As of Feb 2nd 2019, you can officially say that you have endured the longest bear market in crypto history.
In traditional markets, a 20 percent decline from the all-time high is considered a bear market. Since January 2018, Crypto has been in a bear market, unable to recover above key resistance levels and experiencing a 12-month sell-off. Currently, the longest correction in Bitcoin’s history is the 420-day bear market (shaded in red) the asset experienced throughout 2013 to 2015.
The anticipation is great for the bulls to return but market sentiment feels to be in despair at the moment. Bitcoin is holding strong around the $3,500 range. Any dip below this level brings in buyers for a nice little bounce. We have not hit the 200 week moving average a second time and doesn't look like it will. My opinion of course.
The bears might be out for a nap, while the new bulls are charging in. Pack your bags and get ready for one of the biggest rides of your life, you're not going to want to miss this trip!!!