The cryptocurrency scenario in 2019 has been tumultuous, with the year opening forcefully in terms of prices, while the currency condition does not seem to favor the bull. The past few weeks have been particularly bearish for the digital asset industry with Bitcoin, the largest cryptocurrency in the market, which was expected to rise to stellar heights holding just below the $8000 market at the time of writing.
Popular analysts like Josh Rager have also passed their comments on the market conditions, mainly pointing out that despite the price falls the coin would still increase in value in the future. Rager’s recent tweet read:
“Bitcoin 2013 market compared to 2019
2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year
2019: Bitcoin has currently retraced 42% over 91 days
Price can continue down but expect the bull trend to continue after pullback.”
The confidence stems from the fact that earlier downtrends had only led to a more significant price increase, with the 2017 Bitcoin shoot-up being the main topic of discussion. Rager further added:
“What does this mean?
It means that a 40% to 50% pullback isn’t that big of a deal when Bitcoin has seen 75% pullback in the past that was followed by a 1600% gain to ATH
This pullback too shall pass and will hopefully make for great buying opportunities in the coming days/weeks.”
The 42 percent pullback, as referred to by the analyst, occurred over a period when the price of Bitcoin fell from a peak of $13,000 to its current hold at $8100. This drastic fall has also dissuaded a lot of investors and users from jumping into the cryptocurrency field, with developments taking a backseat post the price crash.
Jos Rager’s comments come in the wake of a week where Bitcoin fell the most in 2019. The cryptocurrency which was holding above the $10,000 mark last Sunday fell by 20 percent in just seven days, plunging the value below the $8000 mark.
Even after the price crash, the world’s largest cryptocurrency is 115 percent up on the Year-to-Date index, with the yearly low still recorded at $3,400, which occurred this January. At press time, Bitcoin’s market cap was $142.004 billion, with a 24-hour market volume of $14.235 billion.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.