Bitcoin Will Hit Bottom Soon And A Bull Rally Will Follow According To Cryptocurrency Traders

Over the weekend, the price of cryptocurrencies fell significantly against the USD. Bitcoin (BTC) was the first to go sideways as other cryptocurrencies followed. About seven hours ago, data from CoinMarketCapital showed that the price of BTC was down by 2.3% within a one hour period breaking the $3,500 support level. Altcoins fell even more significantly than BTC. The second largest cryptocurrency per market capitalization, XRP, is currently down by 4.5% while the third largest cryptocurrency per market capitalization, ETH, is down by 4.2%.

Cryptocurrency Traders Remain Optimistic Amid Bear Market

Irrespective of the bearish wave in the market, many true believers still remain optimistic. Some believe that this is the markets attempt to record lower lows until it eventually bottoms out. One of these cryptocurrency enthusiasts, Alex Melen, an entrepreneur and cryptocurrency lover, said that this may be a sign that BTC will bottom out soon. Taking to Twitter, he posted:
“Saturday Bitcoin optimism.” He subsequently noted that the BTC is near a bottom because the last time the flagship cryptocurrency fell below the 50 and 200 MV on a four day chart was in 2014/2015 just before it found a bottom.

Not everyone agrees with Melen though. Some other members of the cryptocurrency community believe that BTC will find a longer-term bottom in the next few months. Many of the well-known cryptocurrency advocates are bearish about BTC. Another cryptocurrency enthusiasts Armin Van, a Canadian cryptocurrency investor, cited Tone Vays, BobLoukas, MustStopMurad, and Lucid Investment stating that all these professionals are bearish about Bitcoin but, against all odds, he is bullish. He suggested that the price of BTC will find bottom at $1,700.

Bitcoin (BTC) Price Today – BTC / USD
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Many other cryptocurrency enthusiasts expressed their optimism in Bitcoin on cryptocurrency Twitter over the weekend. Before now, a pseudonym cryptocurrency trader, Moon Overlord, said that the fact the VanEck-SolidX ETF withdrawal barely affected the price action of BTC shows that a bottom is at hand. Citing historical analysis, he said that Bitcoin typically starts pumping about one year before its scheduled block halving date. Since the next block halving date is going to be in May 2020, everyone should expected the bulls to start dominating the market from May 2019.

Not Every Trader Believes That A Bull Run Is On The Way

True, some cryptocurrency enthusiasts are optimistic about BTC. However, there are those who aren’t certain that the cryptocurrency is going to find a bottom soon. Morgan Creek Digital’s Anthony Pompliano, said that even if he doesn’t believe the price of BTC will fall below $3000, he isn’t sure the market is going to start a bull rally anytime soon.
Pomp, as he is popularly called, is a pro-cryptocurrency investor who has expressed his skepticism of banks many times in the past. He said that BTC may trend in a sideways range of $2,500 and $4500 almost throughout the year 2019. The decentralist made this comment shortly after a well-known venture capitalist, Fred Wilson, said that the market is going to need almost the entire 2019 to find a bottom.

With its current price below $3,550, when do you think Bitcoin will find a bottom? Feel free to share your opinion.


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