Bitcoin 2019: The rise from bear market to the bull market!
17 June 2019
The year 2018 went down in the history of Bitcoin as a significant bear market where prices saw erosion by over 80%. However, the volatility of this magnitude was not seen for the first time in 2018 & Bitcoin witnessed such bear markets earlier as well. In all such cases it recovered in quite a style.
Well, BTC is on course to do the same thing once again. The notorious bear market has ended in 2018 itself & after a brief four month pause (from Dec 2018 till Mar 2019) Bitcoin broke out of its consolidation phase. And with this breakout, not only Bitcoin but the entire crypto world saw resurgence of demand resulting in end of the bear market and the emergence of a new bull market. This reversal of bear market in BTC will go down as the most significant incident of 2019 till date.
Exhibit 1: Weekly Chart of Bitcoin (CMP: $9168)
What is in store for the next 6 months for Bitcoin? Well, it’s difficult to predict that long, but as technical traders, we have to give the present primary uptrend the benefit of doubt & assert that it is more likely to continue in the near future than reverse. The saucer bottom formation (as shown in Exhibit 1) puts the nearest target in the vicinity of $10000 but any such journey is unlikely to be without intermittent retracements, but these may also not damage the primary uptrend & present buying opportunities within the frames of larger bull market. From a technical perspective though, as long as prices stay above $7900 region, the intermediate uptrend will be valid & upside price projections remain legitimate.
