• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Sensei Inu Logo

In 2017 Bitcoin Went From $5.5k to $19k in 33 Days, Not Impossible in 2019

Davit Babayan by Davit Babayan
5 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 2 mins read

Mainstream media, renowned economists and other crypto critics have killed Bitcoin more than 300 times since its launch. But the digital currency always come back from the dead.

Every bitcoin crash from the past has witnessed a surge in crypto-doomsday theories. As a relatively new market, BTC charts do not behave like any conventional asset out there. They demonstrate wild price fluctuations that are adequately scary for weak-hearted traders. Even then, every serious BTC fall eventually turns into an equally vibrant bullish action. Traders, speculating on the long-term potential of the digital currency, buy the dips, hold on to them, and awaits a rally to exit on a profitable note.

The latest Bitcoin crash somewhat repeats the same cycle of death and resurrection. Only this time, the negativities are more intense presumably because of analysts. Almost every prominent Bitcoin bull had pushed $6,000 as an unbeatable bottom. They had reasons, of course. The said level had defended the bullish forts throughout this depressive year. Every extended selling attempt reversed from $6,000 area. Miners recognized it as break-even level based on their return on investments. Factors such as these led the industry to believe that $6,000 will hold the bears for good.

The belief got shattered on Thursday when Bitcoin established a new yearly low below their presumed bottom. The price found interim support at $5,188, attempted an upside correction, and is now trading at $5,471 on Coinbase at the time of writing. However, the market can extend its selling action, for the correction appears weak. In short, BTC is bleeding and in need of blood bags.

Why 2019 is Crucial

Bitcoin bull Tom Lee almost doubled down his price prediction for the digital currency, from a whopping $25,000 to a modest $15,000 by the end of this year. Whether the market will be able to recover to a five-figure value cannot be known yet, but it certainly has enough going on in the background.

Bitcoin ETF, for instance, still holds relevance to how the digital currency sentiment would be in the future. The US Securities and Exchange Commission (SEC) has rejected nine Bitcoin ETF applications but keeping one under review. The decision about it will come before the last quarter of 2018. VanEck, the ETF’s applicant, is confident about its approval this time, so the bitcoin speculators have enough positive sentiments to keep the market afloat until then.

Similarly, large-scale institutions are launching crypto products to cater to big investors. Fidelity, ICE, Galaxy Digital – the list is growing already. Alex Krüger, a prominent market researcher, claimed that the Wall Street alone had injected $5.9 billion worth of capital into the crypto space. The fruits of such investments will take time to flourish, but they will thrive in a longer run.

In 2017, the Bitcoin market added multi-billion dollars to its market cap within just 33 days. Between the said period, the BTC/USD value shot up to $19,000 from a mere $5,500. And that happened because the speculation was high. In the present, there is speculation. But it is more realistic. So a near-term fall might scare-off day traders but long-term speculators are holding their grounds.

A strong upside won’t surprise, therefore. 2019 has more blood bags for Bitcoin than 2018.

Tags: bitcoincrypto
Tweet123Share196ShareSend
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

Nya casinon utan svensk licens 2024

Nya casinon utan svensk licens 2024

4 mins ago
Shiba Inu

Shiba Inu At $0.0000072: Sellers Push For Breakout From Compact Zone

22 mins ago
Bitcoin (BTC) and Ethereum price (ETH)

Ethereum’s Price Vs. Bitcoin: Can Upcoming ETH Futures-Based ETFs Turn The Tables?

5 hours ago
Tellor TRB

Tellor (TRB) Is Up 640% In 2023, Back To 2021 Highs Ahead of Bitcoin, XRP?

10 hours ago
Chainlink

LINKing The Dots: Why Chainlink Could Be The Altcoin To Watch, Top Trader Says

11 hours ago
LINK Price LINKUSDT Chainlink

LINK Price Broke Critical Level, Macro Downtrend Behind? Analyst Forecasts

15 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Can Ethereum (ETH) and Bitcoin (LTC) bounce from current...

    13 hours ago
  • Solana Defies Price Fears, Bitcoin Spark Leads ICO...

    19 hours ago
  • Mercante Technologies to Launch AI-Powered Customer Support...

    20 hours ago
  • Expert Reviews Of IBKR vs eToro And The Promising Broker...

    1 day ago
  • Meta Force by Lado Okhotnikov Launches SWAP: Secure and...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.