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Is The Bottom In? Bitcoin Price (BTC) Has Nearly Doubled Since Bear Market Low

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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The current price action across the crypto market, especially when it comes to Bitcoin, has both bears and bulls alike in disbelief. Following the longest and among the most painful bear markets yet, both sides have become accustomed to rallies being swatted down the moment any confidence in the market has returned.

But in recent days, shorts have piled on, while the price has only increased. Bears are being taken by surprise as Bitcoin inches closer to the $6,000 resistance level that once played important support during the first half of the bear market. The current Bitcoin price is trading up nearly double from its 2018 low of $3,150 – does such growth suggest the bear market bottom is actually behind us?

Bitcoin Price Has Nearly Doubled Since $3,150 Bear Market Low

Overnight last night, Bitcoin climbed higher to above $5,700 following an early April rally that sent the price of the leading crypto by market cap up by over $1,000 in the course of an hour.

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Most traders and analysts had been expecting a pullback due to overbought indicators, bear divs, and the cryptocurrency being overdue for some consolidation after such a powerful upward movement. Fears and uncertainty surrounding Tether and Bitfinex drama had only added to the bearish sentiment.

Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May 

But regardless of the confusion and disbelief across the market, the rally continues on. Some crypto analysts attribute the buy pressure to investors fleeing the once safe-haven stablecoin Tether, selling the asset into Bitcoin and other cryptocurrencies to send them off of Bitfinex, and away from potential risk.

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Whatever the reasoning is for the continued bullish momentum in Bitcoin price charts, it’s becoming more and more probably that the bear market bottom is behind us, and that a new bull market may be in the beginning stages.

If The Bottom Is Behind Us, Most Crypto Investors Missed Buying It

If the bottom of the longest ever Bitcoin bear market is now in the past, most investors missed their chance to buy it.

$BTC – Volume at Recent Market Bottom

Buyers had major hesitation under $3400 as volume at these levels were the lowest at market bottom

Showing that the majority don't catch the bottom typically due to fear or waiting for lower prices to buy pic.twitter.com/w2xiUxIHni

— Josh Rager ? (@Josh_Rager) May 2, 2019

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According to volume analysis below $3,400 in Bitcoin price charts, volume data shows that buyers were hesitant to buy at the extreme lows. Crypto analyst Josh Rager speculates that most traders missed the bottom either due to fear, or because the most bearish traders were waiting for lower prices – lower prices that never materialized.

Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%

While there are still a select few calling for sub-$3K prices in Bitcoin, much of the market has shed their bearish bias, and have since started to consider that a new bull market could be around the corner. With a convincing break of $6,000, Bitcoin can achieve 100% gains in a matter of six months following the final bear market bottom – if it is indeed it – which should signal that bull market type gains are returning to the cryptosphere once again.

Featured image from Shutterstock
Tags: Bear marketbitcoinbottomcryptoJosh Rager
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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