Bitcoin prices today as seen in several BTC price charts show a positive and encouraging trend since 2019. In the first two quarters the year, digital asset investors have been treated to a major bitcoin price spike and several interesting bitcoin bull runs. While there have also been slight corrections along the way, bitcoin position, as well as bitcoin price predictions, are ultimately positive. In today’s bitcoin new and bitcoin price prediction analysis, an expert bitcoin analyst and investor has revealed a proprietary bitcoin index that shows that BTC couldn’t possibly still be in a bear market.
Is Bitcoin BTC Moving from a Crypto Winter to a Bull Market?
Digital asset investors are interested in knowing if Bitcoin BTC and other cryptocurrencies have finally exited the painful crypto crash of 2018. The crash came suddenly after bitcoin and many other digital assets reached all-time highs (ATHs). For bitcoin, its ATH price was close to the $20,000 mark when the crash set in. Within the year, BTC price plummeted along with the rest of the cryptocurrency market more than 80 percent of its value from the ATH.
However, since the New Year, BTC price has shown some promise. Starting from the Christmas rally last December, BTC price charts has some positive movements and the asset soon witnessed a cumulative gain across a month for the first time in several months. As at today’s price, BTC has gained over 35 percent since the start of the year leading many to believe the bitcoin BTC downturn is over.
Fundstrat’s Tom Lee Says Bitcoin is Not in a Bear Market
Thomas Lee, the founder and principal partner of Fundstrat Global Advisors founder has explained why he believes that bitcoin BTC has left the bear market and is entering a major bull market. In a recent interview with cryptocurrency news outlet Cointelegraph, Lee stated that bitcoin sentiment data from his firm’s proprietary index shows bitcoin is no longer in the bearish region rather a bitcoin bull run is more likely the case.
Referring to his Bitcoin Misery Index (BMI), Lee said the recent data from the sentiment indicator has never been seen in a bear market. According to him throughout the crypto winter in 2018, the BMI data never went above 50 points but it recently reached as high as 89 points. Put in perspective, values above 67 points have never been seen in a bear market.
The Bitcoin Bull Market is Here – Bitcoin Price Prediction 2019
Interpreting the data from the BMI, Lee concluded that, “it means that a bull market is likely starting.”
Earlier, Lee beckoned on Bitcoin observers to pay more attention to the 200-day moving average which he said will determine bitcoin’s recovery from the cryptocurrency downturn. According to BTC price charts, Bitcoin recently broke this 200MA confirming Lee’s bitcoin prediction that a bitcoin upturn is happening faster.
As Smartereum reported, Lee once said that bitcoin prices today are up because bitcoin whales—individuals that hold large portions of BTC—are accumulating bitcoin again. This was corroborated by a corresponding surge in the number of active bitcoin wallets since January.
A Bull, then a Bust?
However, Lee explained that all the times his indicator reached such highs as it did with bitcoin recently, it springs up a market retraction later on. He said that about 25% of asset value is lost in such cases. This loss may mean a deviation from bitcoin (BTC) rather than a downturn in the cryptocurrency market entirely.
Bitcoin Prices Today – BTC to USD
At the time of writing, 1 BTC to USD is about 5,329 and is about 1 percent better than it traded same time yesterday. Though bitcoin price trend has been checkered in the past few days, BTC is still up about 3.5% week on week.
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Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.