- Bitcoin (BTC) Price to Resume Upward Trend after Pullback
- Bitcoin Is At the Same Recovery Period as both 2011-2013 and 2015-2017
- Bitcoin is entrapped in a long-term bull trend and not in a bear market – Josh Rager
Bitcoin News Today – Bitcoin (BTC) is a highly volatile currency, and many traders and investors know that by now. The recent downswing in the price of BTC has left many worried. Many digital currency cynics said Bitcoin is an echo-bubble since the digital currency hit $14k and collapsed in quick session. These BTC cynics believe that the recent upsurge and collapse in the digital currency market is BTC’s one last attempt to make it big.
Nevertheless, many digital currency analysts are pointing out that Bitcoin still has very strong fundamentals. They believe that provided the long-term market structure and fundamentals stay intact, the pullback of Bitcoin (BTC) is just a given until the major rally after the halving next year.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
Bitcoin (BTC) Price to Resume Upward Trend after Pullback
Bitcoin (BTC) has been trading sideways since it tested its year-to-date high of almost $14k in June. Since then, the digital currency has been heading south. Over the past three months, BTC to USD price has bled out more than 40 percent. This has left many to believe that it is just a matter of time before an unfortunate redux of last year’s Crypto Winter would unfold.
Recently, a prominent digital currency analyst – Josh Rager – came out to reassure bulls. The analyst said that in 2013’s crypto bull run, Bitcoin (BTC) pulled back 75 percent over 89 days before a 1,600 run-up later in that same year. What Rager is trying to point out is that the present downward trend of Bitcoin (BTC) does not put it decidedly out of a bull market, and traders should expect a massive uptrend in the coming years.
https://twitter.com/Josh_Rager/status/1177965569066315781
Bitcoin Is At the Same Recovery Period as both 2011-2013 and 2015-2017
According to a previous report, Yassine Elmandjra – an in-house crypto analyst of ARK Invest – said that Bitcoin (BTC) is presently at “similar levels of recovery as both 2011-2013 and 2015-2017 recovery periods.
UPDATE: Day 284
Currently at similar levels of recovery as both 2011-2013 and 2015-2017 recovery periods. pic.twitter.com/ntedTt6vEl
— Yassine Elmandjra (@yassineARK) September 26, 2019
According to the chart of Elmandjra, BTC has recovered to about 40 percent of its all-time high in 284 days. This is slightly better than what the digital currency achieved during two previous cycles. This suggests that the digital currency market is not in another bear market, regardless of what analysts and traders are saying on Twitter.
Rager said that Bitcoin (BTC) is still entrapped in a long-term bull trend. He made this statement with the assumption that Bitcoin is still in a macro bull trend. However, the fundamentals have proven him right. Bitcoin (BTC) is fundamentally stronger than ever, and it is currently not in a bear market.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
