Over the course of 2019, we’ve seen Bitcoin go from extremely bearish to surprisingly bullish. Considering the leading cryptocurrency was on the brink of sinking below $3k, Bitcoin rose to a high of $13k this summer and whereas it’s not at that price now, it’s still faring relatively well at the $10k mark.
Over the past couple of weeks, Bitcoin has been going into a bearish trend and after it failed to rebound past the $13k mark again, things went downhill.
Some analysts have been calling for the leading currency to fall even further. One analyst by the funky name of Dave the Wave argued that Bitcoin is more sustainable and healthy at $6.5k rather than $10.2k.
But Data Dater recently made a proposal that the ongoing correction will end shortly and a Bitcoin crash will follow afterwards.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
The analyst has noted that the number of Bitcoin Days Destroyed is starting to go down too. This is suggesting reaccumulation and flatline in volatility for a number of months. The analyst said:
“$btc has almost completed its first correction and is about to enter its first re-accumulation stage usually marked by a slow increase in price.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!