Do not worry, after the pullback the Bitcoin price continues its upward trend
“Bitcoin is an echo bubble” cry cryptocynics since BTC. Reached dollar and collapsed in rapid succession. These Bitcoin skeptics believe that Bitcoin’s recent bid and collapse in the cryptocurrency market is its last attempt to grow – so early adopters and insiders can sell.
However, many analysts are convinced that Bitcoin’s retreat will last at most up to halving in the year true rally comes. Provided the fundamentals and long-term market structure remain intact.
Do not worry, the retreat will end
Bitcoin has not had the best time since its rise to 8. 000 $ in the end of June. Since then, the price has been reduced by around three quarters % – and that makes many believe it’s just a matter of time before we see an ugly rerun of crypto-winter 2018 experience.
Prominent crypto-analyst Josh Rager, however, is commenting on the current situation and calming the bulls down a bit. Rager comments that BTC is in the bull market 2015 “75% above )
According to Rager, the current Bitcoin Downtrend BTC has not made a decisive move out of the bull market, so investors might expect the uptrend to resume in the coming years.
Days around 65 % of his all-time highs recovered. This is a slight improvement over what BTC has achieved in the previous two cycles. This means that the cryptocurrency market is not in another bear market – regardless of what emotional traders and analysts might spread on Twitter.
Bitcoin continues in long-term bull trend
Rager made the above statement assuming that Bitcoin is still in a macro bull trend. While some may call this shortsighted, he’s right – according to the fundamentals and some pricing data anyway.
For example, the hash rate of the leading blockchain network is now almost at Exahashes per second. This is, according to Hans Hauge of Ikigai, an important sign that Bitcoin is basically stronger than ever – and is not in a bear market.