Home / Crypto Currency / Bitcoin Price Could Bottom as Early as December [But Definitely by February]: Analyst

Bitcoin Price Could Bottom as Early as December [But Definitely by February]: Analyst


bitcoin price sprinter

Advertisement

CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.

According to David Puell, a Bitcoin and market analyst, the dominant cryptocurrency could either reach its bottom by the end of December or within the first quarter of 2019.

The $4,300 region, which Bitcoin entered after enduring a 35 percent correction from around $6,600, has been established as a comfortable region for the asset. With resistances stacked up above the $4,300 mark, the analyst explained that a pullback from the current price could trigger exhaustion in the lower range.

Puell said:

“Since volatility has dramatically increased, it is pertinent to have a granular view of current volume node structure. Resistances have piled up, so any pullback must be closely watched for any sign of exhaustion. The $4,300 area is the center of mass.”

Climax by December or February of 2019

bitcoin price chart
Bitcoin Price (BTC/USD) | Bitstamp

Based on the steep decline in the price of Bitcoin over the past several months and the major resistance levels that have formed in the range of $4,000 to $6,000, a further drop below $4,000 could result in the market losing most of its momentum it recently gained.

A potential bottom target, according to Puell, is $2,800, which would signify an 85 percent drop from its all-time high price at $19,500.

But, Puell emphasized that a bottom can only be achieved by Bitcoin if the sell-off reaches its climax, bears lose leverage, and the market begins to show exhaustion.

Currently, the market is extremely volatile and is moving up and down by 10 to 20 percent on a daily basis. In the past 24 hours, Bitcoin surged by 12 percent while Stellar, another major cryptocurrency, spiked by nearly 15 percent.

“Weekly Gaussian bands (1) show a crucial confluence with the general $2,800 high value node zone (2). This gives a more detailed view of the nuances that come with that level in terms of potential swing and closing weekly price behavior. This general area is also supported by the 200-week MA and a good deal of buying positions (volume at time) back in Sept 2017,” said Puell, adding that the bear market could extend to 2019.

He explained:

“Given the strength of the downtrend and current information, a selling climax may come as soon as December and as late as February.`”

Q1 2019

Willy Woo, the founder of Woobull.com, proposed a similar time frame for the end of the Bitcoin bear market. Earlier this month, Woo stated that the market is likely to reach its bottom by mid-2019, based on fundamental indicators like the transaction volume and user activity of major cryptocurrencies.

Analysts generally agree that to recover from the intense sell-off of November that resulted in the loss of nearly $80 billion from the cryptocurrency market, a months-long consolidation period will be needed, and major digital assets will have to demonstrate a relatively high level of stability in a lower price range.

Small market cap tokens have shown a promising upward price movement in the past 24 hours, with some including ICON rising by more than 30 percent. But, most assets are still down substantially since October.

Featured Image from Shutterstock. Charts from TradingView.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Advertisement
Read more

Check Also

XRP Price Reaches $0.29 Again Following Fake Amazon Rumor

The current hourly cryptocurrency charts look incredibly weak, which means most cryptocurrencies will see another retrace in the coming hours. Until that happens, there is still some positive momentum where the XRP price is concerned. Although it hasn’t reclaimed the $0.3 level just yet, there is some positivity among community members. That sheer optimism can usually go a long way in this rather volatile industry. XRP Price Inches Higher It is quite interesting to keep an eye on the value of XRP during this bearish year. This asset has been beaten up quite severely, yet it seems to come up stronger every single time. It is also one of the more resilient markets to date, even though it can’t escape the gravitational pull of the world’s leading cryptocurrency these days. Over the past 24 hours, however, there has been an interesting XRP uptrend on the charts. The 2.2% gain in USD value is promising, as it pushes the value to $0.29 again. This is still a hair short of retaking $0.3, although this current price is seemingly more than acceptable as well. There is also a 0.2 uptick in the XRP/BTC ratio, albeit that is almost negligible. There is another rumor swelling when it comes to XRP. More specifically, some sources – wrongfully -assume there will be a partnership between Ripple and Amazon to push the usage of XRP forward. Since neither company has made any official statements in this regard, it is evident those rumors are nothing more than just that. It creates some excitement, albeit it may not necessarily materialize anytime soon, if ever. What is genuine, however, is the Binance XRP buy wall which materialized just a little while ago. It was valued at a total of $1,1m, which is very significant bullish pressure first and foremost. It is not exactly common for such massive buy orders to stack up on regular exchanges, although this may very well be a fake order to create some artificial momentum. That's a buy wall on @binance of $1.1m right now. Live. #xrpcommunity #xrparmy #xrpthestandard #cryptocurrency #crypto #RippleNet #XRP #xRapid pic.twitter.com/GC6mf7xXN0 — XRP_Canada (@XRP_Canada) December 16, 2018 When looking at the technical fundamentals for XRP, it seems a bullish breakout is more than warranted. The asset is entering a narrowing channel and will either rise or decline in value in spectacular fashion. So far, the chart leans toward breaking out on the upside, albeit nothing has been set in stone just yet. Ripple #XRP Todo Listo Para Un Gran Brote En Las Próximas Semanas #criptomonedas https://t.co/nMfxVITVGQ pic.twitter.com/F7ylDhDLT9 — Americancripto (@americancripto) December 16, 2018 All current signs point toward further XRP price stability, which is never a bad thing for enthusiasts and investors. While some people would prefer to see a big uptrend materialize prior to New Year’s Eve, that seems highly unlikely. Nothing warrants a big bull run right now especially because the weekdays will usually wipe out any gains sustained throughout the weekend. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post XRP Price Reaches $0.29 Again Following Fake Amazon Rumor appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.