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Home Cryptocurrency news Bitcoin

Analysts Watch for Crypto Decoupling, Stock Market Correlation, and $7K Bitcoin in 2019

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Analysts Watch for Crypto Decoupling, Stock Market Correlation, and $7K Bitcoin in 2019
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At the end of 2018, the stock market tumbled, and leading cryptocurrencies such as Bitcoin fell through price support to reach new yearly lows, sending the crypto market into a depression state.

There’s hope at the end of the tunnel, concludes a team of analysts, whose average price prediction for Bitcoin puts the leading crypto by market cap at a just shy of $7,000 at the end of 2019. The analysts also point to two potential trends to “look out for in 2019.”

Bitcoin Bear Market To End, Price to Return to $7K Analysts Predict

Following Bitcoin’s parabolic advance in late 2017, the first ever crypto has been stuck in a downtrend throughout 2018 and into 2019. After repeat tests of critical support in the $6K area, Bitcoin fell through its seemingly unbreakable floor to new lows. Since then it has ping-ponged between a low of $3,150 and a local high around $4,200, dragging out the now record-length bear market.

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However, a team of six fintech experts believe that Bitcoin’s bear market will end this year, with an average price target of just under $7K – which would take its above previous support turned resistance in the $6K range.

Related Reading | Downtrend Confirmations Spell More Pain For Bitcoin, Where Will it Bottom?

One of the six analysts was particularly bullish on Bitcoin, whose price prediction helped inch the average closer to $7K. Digital Capital Management chief operating officer Ben Ritchie offered up a $9,500 price prediction on the leading crypto by market cap, suggesting that Bitcoin’s bearish woes may soon be over.

Despite the bullish prediction, Richie believes that crypto will have a “slow and steady rise in 2019” and is watching closely for two trends to emerge in the new year.

Analysts On the Look Out for Crypto Decoupling and Correlation with Traditional Markets

In addition to calling for a resurgence in Bitcoin price, the analysts are watching to see if cryptocurrencies like Ethereum, XRP and other altcoins begin to trend independently from Bitcoin, which commonly dictates the direction of the overall market.

“Two things to look out for in 2019 will be whether we will see decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner,” Ritchie said.

Bitcoin’s first-mover advantage, brand power, and sizable market cap all give it a leadership position in the space, which often leads to it controlling the overall price market trend regardless of the sentiment or trading activity of a specific crypto.

Related Reading | History May Signal That Bitcoin is Nearing a New Bull Cycle

“The second is the impact of the traditional markets on cryptocurrencies. Will bitcoin rise if the S&P drops,” Ritchie pondered.

Despite calling out the possibility of the markets correlating, Ritchie doesn’t think the markets will have the same participants, suggesting that institutional investors still aren’t yet ready to enter the crypto market.

“On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market. However, I do not believe we will see many institutional investors enter for some time yet,” Ritchie said.

Tags: Ben RitchiebitcoincryptoDigital Capital ManagementStock Market
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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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