Bitcoin: winter is coming?
Bitcoin price correction reversed in February returned again — on March 8th Bitcoin reached its monthly low of 8250 USD. Prolonged exit from this downtrend makes the worst case scenario more probable.
Although the long term success of crypto-industry is out of question for the majority of the crypto-investors, there had been cases in the not so long past which show that prolonged price falling is not so impossible as we wish.
As an example we can take a closer look on the tremendous Bitcoin rise in 2013 and the following 2 years of price decline. Next time the Bitcoin updated its high 3 years later in 2017.
Our previous article contains extensive comparison of Bitcoin chart patterns of 2014 and 2018.
Despite the absence of fundamental negative factors for crypto-assets, there is a high probability of the further correction.
It may be caused by the highly aggressive Bitcoin price rise last year. The market may need to adapt to that level.
Previous article described some patterns implying fast recovery, but it is clear now that this is not the case for current market. During last month similarity between 2014 and 2018 charts became more visible.
If the Bitcoin dynamics will mirror 2014 year we may witness further decline to the level of 4000 USD and market starting rising again not earlier than in the 3rd or 4th quarter of 2018.