Bitcoin plunged into unknown waters towards the end of the last year, and tellingly dragged other digital currencies with it. The king of cryptocurrency reached an all-time high in 2017, and a reasonable crop of analyst expected an inevitable correction in the market in 2019, but no one would have expected BTC to lose more than 80 per cent of its value. Not even the direst of pessimists.
Bitcoin, BTC, would hit a 16 month low in the middle of last month, sinking beyond the $3200 mark. Notable analysts such as Civic’s CEO, Vinny Langham, warned that Bitcoin might not surge up anytime soon if it continues to bob around $3000. However, a positive start to 2019 has seen Analysts predict a very good year for the major cryptocurrency. Bitcoin has turned around to command a gentle upward turn since the beginning of the year only to dip slightly above $3800 this morning.
According to Forbes, an indicator regularly employed for the specific analysis of Bitcoin and its market trends shows that Bitcoin is currently on its longest buying streak, spanning six months. The long ongoing streak has been touted as a significant sign of trend reversal.
Another All-Time High?
The indicator dubbed ‘GTI Vera Convergence Divergence indicator,’ has been previously employed to detect buy signals, and according to Bloomberg, has never been wrong. The last time the GTI gave similar encouraging signals, Bitcoin embarked on a month-long bull run. If the frantic buying pressure continues as it has for the past two weeks, Bloomberg reports that Bitcoin would be on another bout of a bullish run. Along with Bloomberg’s Crypto Index, some analysts have echoed the same opinions and predictions.
“I’m seeing an industry that is growing at a very rapid pace right now where we see companies that are involved in bitcoin and blockchain hiring at a rapid rate. We see new projects coming online. We see all kind of indication that people are getting more and more involved in the market,” Mati Greenspan from eToro said, after claiming that the cryptocurrency market is much nearer to its dire than its peak, and thus more should be expected soon.
In similar news, Weiss Ratings have just released their predictions for 2019, and top on the list is the bold claim that BTC would surpass its all-time record set in 2017. Believe.