Bitcoin: Is a new rally possible in 2019?

Over the past 24 hours, the crypto market continues to show multidirectional dynamics. Bitcoin price again fell below $ 3,700. Several leading altcoins, including Ethereum and TRON, showed an increase during the day, but now they have reverted to a slight decrease. Even if the price of Bitcoin and other crypto assets continue to decline substantially in the first two quarters of 2019, one trader sees the market massively recovering by the end of 2019.

Generally, analysts in the cryptocurrency space expect the correction of the asset class to be extended throughout the first half of this year. Since November 2017, Bitcoin has shown a lack of momentum, struggling to break out of key resistance levels in the $5,000 to $6,000 range. The lack of strength in the short-term trend of the dominant cryptocurrency has led other digital assets, especially cryptocurrencies with low market caps and volumes, to perform poorly against the U.S. dollar.

The cryptocurrency market is rarely affected by emerging events or news. Rather, the market primarily moves based on sentiment. Still, in the latter half of 2019, one cryptocurrency technical analyst with an online alias “Galaxy” said that based on the historical price movement of Bitcoin, the asset could demonstrate large gains in 10 to 12 months.

The analyst 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 had taken on average 62 weeks to recover from an 85 percent correction throughout the past nine years. 15 months since the start of the bear market in January would be March of this year.