What Happened with Bitcoin Price in 2018? Trading Charts Overview & Long-term Analysis
With 2018’s extensive bear market, long-term Bitcoin trading strategies proved to be a shorting game. However, that’s not to say that the BTC/USD market is all FUD and no FOMO, as the trading views we’ve compiled here all point to the emergence of another bull run in late 2019.
Read on to see what cryptocurrency market predictions can tell us about last year’s crypto trends and see what to expect with Bitcoin in 2019.
The majority of cryptocurrency market predictions at the close of 2018 correctly stated that Bitcoin would break the mid-$6000 support line early in the fall and begin a lengthy downtrend.
As it turned out, Bitcoin held above that support line until mid-November, falling 12% and dropping below $6000 in the week of November 12th before hitting a monthly low of $3800 — a 40% difference. BTC proceeded to find support between $3200 and $3800 and steadied by the end of 2018, briefly peaking above $4000 the week of Dec 17th.
Crypto trading predictions from September of 2018 held that the drop to $3200 would see BTC/USD bottom out in January. However, it appears that this was shortened by fundamental factors, causing the downtrend to accelerate and bottom out well before the close of 2018.
Ultimately, the general trend of this trading view remains true, and once BTC breaks out of the support its held in the current accumulation phase, a long-term analysis suggests we will potentially re-enter a bull market. Cryptocurrency market predictions originally indicated that this would happen next fall, but newer trading views which take the recent data from November and December into account predict that this will, like the accelerated downtrend, arrive sooner.
Using a daily chart from the past two years, we can observe that the triangle that BTC/USD had created in the early months of 2018 had continued to grow into a larger, descending triangle pattern. In September of last year, there were a number of crypto market predictions which claimed that the $6585 support line was a bottom for Bitcoin. However, descending triangles suggested a bearish continuation pattern, and even though a breakout was imminent, the projected break to a 3000 BTC bottom was ignored by the bullish.
As the price edged closer to the break out wedge, there was insufficient bullish pressure, and BTC trading eventually caused the coin to drop under $6200 — a push which took out extensive crypto shorts. In the end, this and other charts correctly predicted a market decline by November as well as BTC’s current bottom. When a negative breakout emerged, however, it was anything but gradual due to continued selling pressure late in the year, as evidenced by current market analyses.
Looking once again at the historical data up to September 2018, the consensus around BTC’s support line was evident and the $6200 level ended up being held until November. With this chart, it’s clear that once those levels broke, the chances of a big drop were high, and that the bullish pressure from July, when BTC rallied from $6300 to $6800 and broke the support line, was the only thing suggesting an upward trend in various trading views.
Summary
According to cryptocurrency market predictions from autumn of 2018, the long-term crypto trading strategy will benefit current holders and buyers of Bitcoin by summer of this year. All major trading views point to the current BTC/USD valuation as a lengthy accumulation phase which will open up another bull run once Bitcoin retests its yearly support line later in the year.
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