Bitcoins price analysis. Ever since touching a high of around $20,000, Bitcoin prices have been consistently falling as well. Moreover, the financial products revolving around Bitcoins are increasing as well. Owing to this very reason, lots of the investors are asking the question when this bear phase in Bitcoins would actually end. For now, however, it is trading around $11,000. This is one of the main reasons why many of the investors are actually worried as well.
Bitcoin bear market would actually end pretty soon and it would rise in value as well
According to Bitcoinmagazine the analysis, Bitcoin bear market would actually end pretty soon and it would rise in value as well. The truth is that it is currently testing the 50% levels as well. It has risen from less than $ 1000 to almost $ 20,000. Therefore, the rise has been astronomical as well.
Ever since then owing to the presence of some or the other negative news and the risk-averse investors who do not want to invest at the higher levels, it has been consistently falling as well. It is also near the 200 day EMA which ensures that it has a very good chance of moving up once again as well.
Bitcoin has gone through a multi-week consolidation
Also, it has gone through a multi-week consolidation. Owing to this very reason, there are high chances that the bull run would begin again as well. Moreover, as it is near to the support levels like the 200-day exponential moving average as well as the 61% Fibonacci retracement levels, most of the analysts are predicting that it would be able to rise once again.
However, a lot also depends on the institutional support since the institutions are now holding a significant chunk of Bitcoins as well. This is another reason why many of the people are looking at the comments by the institutions as well. Institutions currently are keeping quiet and not commenting on the Bitcoin analysis. However, the interest among the retail investors is also on the rise which would ensure that the demand of Bitcoin actually increases once again and it is able to scale up new highs quite quickly as well.
It is just a matter of time before Bitcoin actually breaks from its consolidation period and rises once again
With more and more investors all over the world taking note of the cryptocurrencies pace, it is just a matter of time before Bitcoin actually breaks from its consolidation period and rises once again. It remains to be seen when exactly it happens. For now, however, it seems that it is at the end of the consolidation phase.