The last time Bitcoin turned bearish for an extended period of time was in 2014 and 2015. The monthly 34 EMA provided a floor to the carnage. BTCUSD hovered just above or below this moving average for months before breaking higher.
Currently, the monthly 34 EMA comes in at $3,489. While this moving average will continue to rise before the price falls to meet it (if it does indeed fall to meet it), somewhere near the $4,000 range might be where the price of Bitcoin gravitates. Time will tell, and doubtless there will be trading opportunities along the way.
This scenario is just one of many that could play out in the coming months. Long term, Bitcoin's role as a global store of value should support its price and cause its value to rise significantly.
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This post is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action. You will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives.
Yo si creo que aun pueda bajar un poco mas, pero luego aumentara significativamente, como ya nos tiene acostumbrado.
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Yes, I agree. We can go even lower, say $3,000, before another major bull cycle in 2019, and into 2020. Of course, this is one scenario of several, but one becoming more likely as the price drops.
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Another 2-3y bear market for cryptocurrency could be good for the ecosystem. As long as development continues and progress is made. The recent popularity of Bitcoin exposed that the technology hadn't quite scaled enough yet. The good thing was it put pressure on people to come up with solutions like Lightning, which we are starting to see implemented now. Maybe we need 2-3years of less attention to the space so that the technology can mature
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I don't think it will be longer bear market like in the past Bitcoin drop. This bear market should be shorter since progress and development will be moving much faster to improve the cryptocurrency markets. I mean things are changing just within months ... the recognition is there, now we just have to figure out how to "scale" the growth. There will be mass adoption eventually.
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Yes, I do think it's good for the space to clear out some of the hype. However, I agree also 2-3 years is a long time. The block reward will be cut in half in 2020, which will cut the supply and should drive the price higher by that time. I expect 2019 to be another strong year barring any regulatory surprises.
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If it drops down to the 3-5k levels ... then I'm buying myself a whole Bitcoin haha.
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Yes, at those levels the buying opportunity would be epic!
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