Source: TheVerge.com
Bitcoin: The Calm Before Another Storm
Bitcoin (BTC-USD) has been in another period of incredible calm lately as the digital asset’s price has remained in an atypically narrow trading range of about $3,200 - $4,200 for nearly three months now.
Bitcoin 6-Months
Source: Bitcoincharts.com
These quiet periods always are concerning, as the last time Bitcoin was “calm,” it preluded a crash of nearly 50%.
So, is history about to repeat itself? Will Bitcoin fall through the $3,200 level and crater to new multi-year lows? Or is the digital asset destined to recover? Also, is Bitcoin likely to go much higher going forward and longer term?
I believe that this time the calm before the storm will lead to a rebound in prices. Moreover, numerous factors suggest the current bear market is likely going through a prolonged bottoming process right now.
Ultimately, the start of a new bull run appears inevitable. Furthermore, improved adoption amongst users and an increased presence by institutional investors should substantially boost sentiment and drive demand going forward. Therefore, Bitcoin is likely very close to a bottom here, and the digital asset probably has substantial upside potential going forward.
Did Bitcoin Just Bottom?
It’s been a tough time for Bitcoin, as the digital asset had declined by about 84% from its peak in 2018. Even now, Bitcoin continues to drift around the lows, and it’s not just Bitcoin.
The whole cryptocurrency complex had a bloodbath of a year in 2018, and 2019 hasn’t brought much improvement. Litecoin (LTC-USD), the No. 5 coin (by market cap), is down by about 89% from its top, Bitcoin Cash (BCH-USD), the No. 4 coin is down by about 95% from its high, Dash (DASH-USD), another prominent top 20 coin, is down by nearly 95% from its
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