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Crypto Analysts: Bitcoin’s Calm Indicates Market Will Explode in 2019

Nick Chong | November 13, 2018 | 2:00 pm
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Bitcoin

Crypto Analysts: Bitcoin’s Calm Indicates Market Will Explode in 2019

Nick Chong | November 13, 2018 | 2:00 pm

After a year of near-non-stop action, the crypto market has finally slowed to a snail’s pace, with prices grinding to just shy of a halt. While many have claimed that this non-action is here to stay, a multitude of analysts are adamant in their claims that Bitcoin (BTC) and its altcoin brethren are on the verge of a monumental breakout, or as one analyst put it, a “storm.”

Calm Before The Crypto Storm

Issuing a post on Seeking Alpha, Victor Dergunov, founder of emerging market-centric Albright Investment Group, has claimed that BTC will move “substantially higher over the next several years,” echoing comments made by his fellow savants.

Dergunov, touching on the fact that BTC’s volatility has all but dissipated, noted that this “phenomenon,” as he dubbed it, could be a precursor to the conclusion of crypto’s multi-month bear market, which has stretched investors to their mental limits.

The Connecticut native wasn’t all by his lonesome with this sentiment, interestingly enough, as Fundstrat Global Advisors’ Rob Sluymer recently explained that an “incremental ‘Silver Lining'” has begun to develop within the cryptosphere. Sluymer, who is in cahoots with his peer Tom Lee, explained that declining volatility and volume levels could be seen as “encouraging technical developments,” even though other reports have signaled that retail interest is on its last legs.

Speaking of Tom Lee, during a recent installment of CNBC “Squawk Box,” pointed out that crypto’s resiliency in a tumultuous legacy equity market has made him “pleasantly surprised,” adding that BTC has evidently found a floor at $6,000 and could be due for a foray to the upside in a few months time.

Almost as if all the crypto industry’s analysts and forecasters will corresponding with each other, Bloomberg’s McGlone explained that non-action can coincide with the subsequent arrival of market bottoms.

Some, like investor/analyst Crypto Rand, have even claimed that the bull market, or its earliest stages at the very least, are already upon the crypto space. Rand, who took to Twitter to convey his thoughts, explained that the aggregate value of all cryptocurrencies has broken out on both linear and logarithmic scales — a double whammy to the health of crypto’s bears.

Regardless of these calls’ timelines, these predictions, which were all made in rapid succession, truly highlight the growing presence of bullish outlooks for the prospects of crypto assets and the networks they represent.

A Bull Run May Be Inbound, But Where Will The Market Head?

Although a majority of this market’s outspoken analysts are pointing to the sky, many have failed to come to a consensus on where this market will head, and why.

In early-October, as reported by NewsBTC, Spencer Bogart, a partner at Blockchain Capital, explained that positive institutional news, like the arrival of TD Ameritrade, Yale, and the Intercontinental Exchange, will likely be the primary contributor to crypto’s impending bonfire, as it were.

In contrast, Nikolay Storonsky, CEO of Revolut, has recently claimed that retail investors will drive 2019’s crypto bull run, going against the popular sentiment that the launch of the institutional-focused Bakkt and Fidelity Digital Asset Services (FDAS) will propel crypto to Main Street after Wall Street fills their bags.

Still, these two predictions both indicate that a bull run is in the cards. But then again, will the next influx of fiat be siphoned into BTC or altcoins?

In August, prior to the arrival of the launch of FDAS, Bakkt, and others, Novogratz, a leading proponent in the race for institutional investors in crypto, explained that BTC dominance will hold its ground for a while. This predicted hegemony, he explained, can be chalked up to the fact that interested institutions have an unbridled penchant for Bitcoin, not for altcoins. Others have begged to differ, but as always, investors, whether from the Bitcoin maximalist or altcoin advocate camp, stick to what suits them best, even while it may not be representative of this market’s future.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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