Recently, Bitcoin appears as if it may have started to take a turn for the better, after weeks of declining or sluggish price news. However, one Bloomberg analyst believes that Bitcoin and the cryptocurrency markets aren’t quite out of the woods yet in terms of a recovery.
A report via CCN on Sunday (Jan. 6), Bloomberg Intelligence analyst Mike McGlone says investors or traders should expect a bear market to keep going through the first two quarters of 2019. According to McGlone’s view, this is merely a short-term price bounce. McGlone indicated that the current price movement might look bullish but is just a bounce “before resuming what is likely a longer-term bear market.”
As of Sunday, the Bitcoin price had moved back over $4,000 for the first time in a while. For weeks, the price looked sluggish as it traded below $3,500 and at one point below $3,200. However, it bounced back up into the $3,700 to $3,800 range until the recent push above $4,000 again.
CCN noted in another report this weekend that if BTC can’t break out of the $4,500 key resistance levels, the BTC price could fall back below “major support levels.” CCN cited Placeholder VC partner Chris Burniske who believes crypto is still “in the installation phase where builders are dominating the asset class.” Burniske feels that means the mainstream hasn’t quite become as involved in the crypto market as they need to be for the price to see better days.
Until that mainstream adoption happens, it’s believed volatility is likely to persist within the crypto market. Among the big news that many proponents of Bitcoin and cryptocurrency are waiting for is an impending decision involving a Bitcoin ETF. Should that go in favor of BTC, it would certainly be positive news that could give the price action a nice boost.
Still, other analysts see things differently and believe a long-lasting consolidation is going to be in place for the cryptocurrency assets. That could mean stability is the keyword through 2019 with the bear market finally concluding before a nice uptrend will occur. Time will tell whether the bulls or bears win out in the new year.
Read More: https://ethereumworldnews.com/bitcoin-technicals-flash-buy-crypto-recovers/
