For some days now, Bitcoin news has been about the possible end of the 15-month long cryptocurrency winter. Bitcoin price prediction 2019 has suddenly become positive for investors and analysts. While many Bitcoin price forecasts have speculated an upcoming bull run, few have given technical and fundamental evidence to prove that the Bitcoin bull run will come and when that will happen. If you’re among those in the cryptocurrency market who have been waiting for some positive Bitcoin news and evidence of a bull run that will end the bear market, you’ll be happy to read what Omkar Godbole, a cryptocurrency analyst from CoinDesk has to say in his latest Bitcoin price analysis.
Bitcoin Price Prediction 2019: Bitcoin News Today Predicts A Bull Run
According to the Bitcoin price analysis from Omkar Godbole, the price of BTC has entered an echo pattern which is just like the one it entered just before the 2015 bull run. Keep in mind that the cryptocurrency space had suffered an 18-month long bear market before it finally entered a strong bullish market in October. If the Bitcoin price analysis of Omkar is correct, Bitcoin will bounce back before the end of this year and it is going to carry the entire cryptocurrency market with it. Following months of bearish pressure, Bitcoin news that gives hope to members of the community is much needed.
Bitcoin (BTC) Price Today – BTC / USD
Godbole noted that the Bitcoin price recovery above $4,000 is a big deal considering that it hit a low of $3,122 in December. It’s safe to say that Bitcoin price has bottomed out. Even if Bitcoin has crossed the $4,000 level, it is still 79% lower than its all-time high of almost $20,000 which it reached during the 2017 bull run. From when it hit $20,000 until now, it has reached higher highs and lower lows but it hasn’t entered a bull rally that is anything like the 2017 rally.
From the Bitcoin price technical analysis by Godbole, the upcoming bull run may last for up to two years if it’s anything like the 2015 Bitcoin bull market. After the price of Bitcoin fell and remained in the bear market for 18 months, it started progressing upward in a 2-year long Bitcoin bull market. Bitcoin is currently in a similar falling channel as it was in 2015 signifying that the trend is about the change long-term. The bears reduced their pressure in the market when the 14-week relative strength index reached the oversold region on the 15th of January.
Bitcoin Price Prediction 2019: How Much Will One Bitcoin Be After The New Bull Market
For now, it’s not clear how high the price of Bitcoin will go when the bulls take full control of the market. The only thing that is certain is that the bears have run out of steam. Even if the price of BTC is trading above the $4,000, it still needs to move above the $4,073 which is the level that will push the 21- week moving average north once again. Moving above this level will take the price of BTC as high as $4,200.
At the time of writing, BTC was trading at $4,040.18. This means that it is down by 1.13% against the USD. The 24 hour trading volume is $10,423,296,406 and the market capitalization is $71,121,460,783.
From the Bitcoin news today, what do you think about the Bitcoin price prediction 2019? Share your thoughts in the comment section.