Recent analysis show that the digital asset market has lost a whooping $5 billion of its valuation in the past 24 hours alone. The market valuation dropped from $135 billion to $130 billion while Bitcoin price declined to the $3,800 area. As of January 2nd, the dominant digital asset was preparing to break above the $4,000 barrier but it has struggled to increase from the new high of $3,912 level it attained during the crypto winter dropping to $3,780.
Will 2019 Be A Boring Year For Bitcoin (BTC)?
In theory, going by the history of cryptocurrencies, Bitcoin (BTC) typically tends to take at least 62 weeks to recover from a bear market, and the five complete corrections the token experienced in the last decade were in the 85 – 90% range when it comes to losses from all-time highs. The cryptocurrency achieved its $19,665 all time high over 13 months ago and since then onwards the price of the top digital asset has continuously experienced declines. During the month of December, the Bitcoin (BTC) price dropped to $3,210 which marked an 83% drop from its all-time high from 12 months earlier.
Bitcoin (BTC) Price Today – BTC / USD
It is essential to point out that the historical performance of the Bitcoin price should not be regarded as a yard stick when it comes to providing clarity regarding the future price performance of the digital asset. However, it is being used as a reference in this context to forecast the time frame in which the digital asset will recover.
Bitcoin (BTC) Still Within Touching Distance Of A Rebound In Q2 2019 Of 2019
According to crypto analyst and Woodbull.com creator, Willy Woo, the fundamental indicators relating to Bitcoin show that the digital asset is within touching distance of a potential rebound in the second quarter of the new year. His conclusion is based on the fact that the top digital asset needed only 15 months over the last four corrections to achieve a recovery. Hence, should the asset recover by quarter two of this year, we would see a similar recovery from the previous corrections.Bitcoin has actually mostly bottomed (and may have put in its final low) but we may not see a significant price rally or new highs so that is not something that traders should be too excited about.
Has The Market Found A Bottom?
Many analysts agree that Bitcoin (BTC) and other digital assets are close to hitting a bottom. Some of these pundits predict that the $3,210 low point from last year may be the lowest point ever for the BTC although some traders argue that there are no solid indicators to show that the digital asset has finally established a bottom. It will pose a challenge to declare a bottom for the asset because the issue of volatility in the low price range. Although crypto assets like Ethereum (ETH) and Ripple (XRP) have recorded large gains in the past month, with the Ethereum token recovering by an impressive 80%, the market still shows weaknesses.
Bitcoin (BTC) Price Analysis
Experts agree that until the market sustains several months of consolidation, investors should expect high volatility. Right now, BTC is trading at $3,828.55. This shows that it is down by 1.50% against the USD with a market capitalization of $66,855,260,280 and a trading volume of $4,455,656,205.