What the value of Bitcoin will be in coming months remains a concern for crypto enthusiasts. Especially at a time when the technical analysis indicates the bearish trend is ahead. Amid this, a crypto trader sees Bullish trend in coming months. This based on his historical analysis of the crypto market.
Bitcoin Price At Its Lowest
A crypto trader that is known as Galaxy in the crypto industry noted recently that the present price range of Bitcoin at $3000, maybe a rare opportunity that does not happen again in the crypto space. This means that it might just be another best opportunity to invest in the crypto market.
Checking historical analysis of Bitcoin, Galaxy stated that Bitcoin since its inception had established a trend of reaching a new all-time high, enduring a steep decline in price, initiating an accumulation and then recover to a new high. Based on this trend, he expects the Bitcoin to be in the recovery stage in the next one or two months, then $3000 mark of Bitcoin may never be seen again.
Galaxy explained in his words that “Although prices may appear to be random (to some), they actually create repeating patterns and trends.
Observing this pattern makes April the last month of cheap BTC. And now, of course it will be cheap multiple times in the future, but never $3,000 cheap.”
Further, based on fundamental analysis, the influx of institutional fund is expected to take place in the second and the third quarter of 2019.
The Bear Prediction
Meanwhile, bear prediction has been prominent recently. This is based on technical analysis of the crypto market.
A Bloomberg Intelligence analyst, Mike McGlone, recently stated based on technical analysis that “The entire industry is ripe to resume a path to lower prices…Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”
If the bear will overcome or the bull will take place, time will tell. You can as well share your views on the crypto market.