Bear market Expected to Persist Longer
Bitcoin is yet again in the red at $3,465 with 24-hours loss of 0.55 percent. The leading cryptocurrency that has been expected to hit the bottom but bounced back after hitting $3,422, as per the data provided by Coinmarketcap.
However, it doesn’t mean Bitcoin is out of the difficult situation yet as crypto analyst, Murad Mahmudov shared analysis on Twitter stating,
Why I believe the famous 200-Week Moving Average support from the last bear cycle WILL BREAK during this bear market cycle.”
Right now, the market is in a state of gloom. However, the bear market is expected to persist longer, with this crypto winter already being the lengthiest one in the 10-year history of Bitcoin.
“Bitcoin appears to have stabilized again following a couple of volatile months that saw it once again come under pressure. The last few weeks has seen it trading in much tighter ranges but at the same time, it has continued to drift lower which only reaffirms my view that darker days still lie ahead,” said Craig Erlam, senior market analyst at Oanda.
“If we can see a break above $4,500, it would suggest near-term downside risks have abated and bring $6,000 back into focus but as it stands, momentum remains with the bears on this one.”
But a Sustained Rally Might be Coming
Since December 2017, the market has been in a prolonged bear market, however, according to the crypto trader and analyst Benjamin Blunt, we might get to see a sustained rally soon.
“Haven’t been paying too much attention to BTC and crypto in general because volatility is dwindling, but i do believe we see a sustained rally soon.
Targeting one more wave lower to finish our correction but a break above 3684 would indicate that the correction is already complete.”