Bitcoin (BTC) Bull Market To Be Stronger Due To 2019 Monthly Lows
It’s no doubt that 2019 has been a better year for crypto compared to 2018.
As you know, the bulls came back to the market back in April.
Interest in Bitcoin and crypto has been on the rise, despite the high volatility of the crypto market.
BTC, still expected to hit new highs
Everyone was expecting to see BTC hitting new all-time highs this year, but at the moment, the most important crypto in the market is not showing such bullish signs at all.
It’s true that at the moment of writing this article, BTC is trading in the green and the most important coin in the market is priced at $10,530.73.
Bitcoinist reveals that if we look at these lows from 2019, they may offer an indication about how big the next bull run might be.
The online publication reminds readers: “In 2018 BTC fell from a high of $17,700 to a low of $3,200 marking an 82% decline from peak to trough. So far in 2019, the trend has been the opposite with a gain of 270% from a low of $3,700 to a high of $13,800.”
Indication of accumulation
The gains have been slow and steady, and this is a clear indication of accumulation, and it’s not so much about FOMO, they wrote.
The online publication makes sure to highlight the fact that BTC surged from $6,000 to $20k in a little over a month back in 2017 and then proceeded to dump quickly in January 2018.
The same website mentioned the fact that the industry observer called Misir Mahmudov has taken a look at the monthly lows of 2019, and it seems that these show a steady increase over the past six months.
“Bitcoin 2019 *monthly lows* show how strong this bull will be. This isn’t a few months of 2017 gamble mania anymore. This is a store of value in the making. This is just the beginning.”
The optimistic Bitcoin-related predictions continue even if the market is still very volatile.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.