Bitcoin’s (BTC) fortunes fluctuated during the last 12 months, with its value dropping from near $20,000 in December 2017, to lows of $3,360 (£2,634) almost a year later. There were, however, initial optimistic signs in the new year, after bitcoin passed the psychologically important $4,000 mark. But investors’ early hopes for the apparently ailing crypto were disappointed last week, following another sudden sell-off.
The crypto market rallied a little in the last day, with the bitcoin price in particular rebounding above £2,881 ($3,700).
The future lies in the study of the past
The flagship cryptocurrency is currently valued at £2,853 ($3,661), as of 8.15pm, according to CoinDesk.com data.
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Other crypto assets, including Ethereum and TRON also recorded significant gains on the day, rising by more than three percent against bitcoin.
And one trader predicts the market will witness a remarkable recovery by over the next 12 months, even if digital assets continuer to decline in value.
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Bitcoin price news: BTC has lost momentum on the markets (Image: Getty)
Bitcoin price news: BTC’s bullish beginning to the year appears to have bottomed-out (Image: Getty)
Many industry insiders believes a price correction is on the cards for the first half of 2019.
It is indisputable that bitcoin has lost momentum on the markets and struggled to surpass targeted resistance levels in the $5,000 to $6,000 region.
And where bitcoin goes, other cryptos typically follow, meaning the entire market has performed poorly against the US dollar in 2018.
However, not to be deterred a supposed senior cryptocurrency analyst known only as Galaxy could demonstrate large gains this year, based on bitcoin’s historical price movement.
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“The future lies in the study of the past”, Galaxy said.
“We are approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we are moving towards several months of accumulation and a new bull cycle starting mid-late 2019.”
Bitcoin has previously required an of average 62 weeks to recover from an 85 percent correction over its lifetime.
And 15 months since the start of the current bear market in January would be March of this year.
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Bitcoin price news: Could the market witness a remarkable recovery (Image: Getty)
Bitcoin price news: Is a price correction is on the cards for crypto? (Image: Getty)
And it is on this inductive reasoning that some analysts believe that the cryptocurrencies are in the last phase of the bear market and could show signs of green shoots in 2019’s second quarter.
Willy Woo, the founder of the Woobull.com cryptocurrency investment firm, echoes this sentiment prior to late November’s bitcoin price drop.
Mr Woo said: “Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019.
“After that we start the true accumulation band, only after that, do we start a long grind upwards.”
The cryptocurrency market is rarely affected by emerging events or news.
It is instead like another economic entity, almost entirely based on sentiment only.
One thing is certain, for bitcoin and associated digital assets to bounce back, the market needs another period of revitalisation.