Bitcoin (BTC) and the entire digital currency market has been held in a year-long bear market. Over the past year, Bitcoin (BTC) has lost more than 80 percent of its value. Bitcoin also dragged down the rest of the digital currencies in the market, with some digital currencies losing as much as 90 percent of their values over the past year.
However, this year seems to have started well for the crypto industry. Crypto investors, who have been greatly affected by last year’s bear market, are cheered by the positive start of this year. Many are also looking forward to top stock exchanges offering future contracts of Bitcoin (BTC) and the much-anticipated Bakkt Bitcoin (USD) platform.
Analysis Suggest Bitcoin (BTC) Is at the Verge of a Bull Run
According to new technical analysis, Bitcoin (BTC) could soon experience a massive bull run after months of continuous declines. According to a report by Bloomberg, the GTI Vera Convergence Divergence indicator indicates that Bitcoin (BTC) is in its longest buying streak in 6 months. The GTI Vera Convergence Divergence indicator is a tool used for detecting trend reversals.
This tool has previously indicated potential buy signals, the value of Bitcoin has surged for around a month. If there is consistency in buying as it has been in the last thirteen days, the value of Bitcoin (BTC) could continue to surge higher, according to Bloomberg.
Whereas, the Galaxy Crypto Index of Bloomberg that tracks some of the top digital currencies, is in its longest “buy streak” since the Sept. rally of Bitcoin (BTC), thanks to the recent rally of Ethereum (ETH).
Mati Greenspan’s Response to the Recent Technical Data
In response to the recent technical data, the senior marketing analyst at eToro – Mati Greenspan – said that believes the “crypto market is much closer to the bottom than we are at the top.” Greenspan said, “I am seeing an industry that is evolving at an enormous rate right now where we firms that are involved blockchain and Bitcoin (BTC) hiring at a rapid rate.”
He also added that “new projects are emerging on a daily basis, and there are more indications that people are now getting more involved in the market.” As the value of Bitcoin (BTC) and other digital currencies have declined significantly over the past year, investors have hassled over slow adoption among consumers and retailers.
Bitcoin (BTC) Price Today – BTC / USD
The ever-present threat of strict regulations has also been an issue in the crypto space. However, many believe that the worst is over for BTC and the entire digital currency market, with hopes that the market will not fall further with the influx of venture capitals.
Since the start of this year, the market cap of the entire crypto market surged by $7 billion, thanks to the forthcoming launch of Constantinople – the hard fork of the Ethereum network. Constantinople is seen as a major step towards the transition of Ethereum from using a Proof-of-Work Consensus Algorithm to Proof-of-Stake.
Over the past year, Ethereum (ETH) has lost about 90 percent of its value. Many tokens built on the network of Ethereum have also failed to hold their value. In mid-December last year, Joe Lubin – the co-founder of Ethereum – called the “Cryptobottom of 2018.” He added that it was market by FUD – fear, uncertainty, and doubt – from our friend in the fourth and crypto-5th estates.