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Home Cryptocurrency news

Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isn’t Accumulation

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isn’t Accumulation
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Over the last couple of weeks, bullish sentiment has begun to return to the crypto market after months of ongoing downtrend. However, one prominent crypto analyst isn’t convinced by the rally, and instead expects Bitcoin (BTC)  to reach new lows sending the asset into multi-year bear market.

To make matters worse, the analyst also believes that the current trading range Bitcoin is in, isn’t accumulation, and will later become strong resistance that the number one crypto by market cap must break through down the road in order to spark a new bull run in across the emerging asset class.

Crypto Analyst: Current Rally Running Out of Steam, Expects Drop Back to Support

Prominent crypto analyst, trader, and investor, Josh Rager, is warning crypto market participants that the current rally that’s helped revive bullish sentiment across the space, is close to failing, and will cause Bitcoin to return to support and potentially reach new lows.

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$BTC Chart

Bitcoin currently at resistance level with a break and close above $4100 is bullish

But…

Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish

If the volume doesn't pick up, I foresee $BTC price dropping back to support pic.twitter.com/e5C18MEDTu

— Josh Rager ? (@Josh_Rager) February 19, 2019

While Rager does propose that a sustained break and close above $4,100 would be “bullish” for Bitcoin and the crypto market as a whole, the analyst notes that the decreasing volume on weekly timeframes and higher are a bearish sign that the asset will drop back to retest support.

Related Reading | Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC 

In recent days, Bitcoin has rallied over 20% from the $3,150 low set in December, causing the once despair-ridden market sentiment to turn. Investors remain skeptical given how $6K broke back in November, which caused the price of Bitcoin to plummet an additional 50%.

Multi-Year Bear Market for Bitcoin, Current Range Isn’t Accumulation

The analyst further speculates that the current trading range of $3K to $4K that Bitcoin is trapped in between isn’t accumulation, and is instead yet “another obstacle in a multi-year bear market.”

The longer Bitcoin ranges in the $3k to $4k area – the stronger resistance it becomes if $BTC does manage to hit new lows

I see the purpose of this range not as accumulation but rather another obstacle in a multi-year bear market pic.twitter.com/jWE0bkoUAs

— Josh Rager ? (@Josh_Rager) February 21, 2019

The current bear market, which is well into its second year, spent much of the time above support at $6K throughout 2018. Once that price floor broke, the market panicked and the price fell into the current range.

Related Reading | Crypto Analyst: Bitcoin Price Stuck Between Converging Moving Averages Until Mid-Year

The more an asset trades within a range, the strong the resistance becomes. If Bitcoin doesn’t manage to break through the psychological resistance at $4K, and continues to be rejected, the resistance will only become more powerful and require more energy to from bulls to break though.

Most analysts look to the 2014-2015 bear market to get an idea of where Bitcoin’s price may end up next. In that bear market, there was an extended accumulation range followed by a slow and steady climb back into a bull trend. Rager doesn’t believe we’re in that range just yet, and that “$3K is the new $6K” and is likely to fall through to another, final trading range, extending the bear market further for potentially another year or more.

Featured image from Shutterstock
Tags: Bear marketbitcoincrypto analystJosh RagerTrading Range
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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