The last 24 hours have seen the crypto market recover $4 billion worth of value as the price of Bitcoin rebounded above $3,700. Major Altcoins such as Tron and Ethereum have also recorded good gains on the day after rising by more than three percent against Bitcoin.
Even as the price of Bitcoin keeps declining substantially so far this year, one trader sees light at the end of the tunnel. Most of 2017 saw Bitcoin go on a strong bull run that reached unprecedented highs. When November 2017 came around though, a downturn was experienced which saw the Bitcoin price struggle to beat key resistance levels in the $5,000 and $6,000. The lack of momentum in the short term trend for Bitcoin led to other cryptos especially ones with low market caps and volumes to perform poorly.
Despite the downturn, one trader believes that the latter half of 2019 could see Bitcoin bounce back. The trader said;
‘The future lies in the study of the past’ We’re approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019.
Historically, Bitcoin has taken 62 weeks to bounce back from an 85 percent correction throughput the past 9 years. 62 weeks as from the start of the crypto winter would end in March of this year. Other analysts believe that we are approaching the last phase of the crypto winter. One such trader is Willy Woo, a popular crypto researcher and founder of woobull.com expects the second quarter of 2019 to be the start of the much awaited crypto recover.
Currently Bitcoin volumes remain high, hovering at around $5.7 billion and the trading activity has increased by a considerable margin which shows that the Bulls are fighting to power through a point of resistance in a low price range _reduct��,�