It’s simply like the period from January to November 2015 when bitcoin’s market capitalization increased from $2.5 billion to $4.58 billion. This can be a regression period that consisted of also the consolidation period and both the bounce period.
According to 8btc, the 20 to 50 percent daily profit won’t last for long. A variety of indexes indicate that the uptrend is driven by capital. It is that a market correction, a regression period that is rational, rather than a bull run.
He stated that people’s patience would be worn down by the bear market after most of the investors neglect to HODL and depart the marketplace and the bull market must come.
Currently, the market cap has risen by 57.1 percent, a rally in the base of $56.2 billion to $88.3 billion, which accounts for 83 percent of profits in the regression period of 2015.
Released at Wed, 03 Apr 2019 17:49:27 +0000
For example, Zhao Dong, among China’s strongest bitcoin billionaires and also a renowned over-the-counter (OTC) dealer, holds the opposite view on this. Zhao replicated,”This is not a bull market” twice within an Weibo post.
The purchase price of bitcoin surged in 2019 over $ 5,000 for the very first time, attracting up other cryptocurrencies along with it. The market surged and broke the $140 billion mark for the first time in a week. Investors who endured from the crypto crash feel that the bull market is still coming back and now rekindled their hopes again. That may not be the situation.
Zhao believes that a bull market such as this will come a couple of years later.
In Zhao’s argument, the bull market is defined as the stage once the actual market value surpasses the logical analysis driven by external capital, which can be called the”bubble phase.” At that moment, the market performance continue for a longer period, and will likely be spectacular, far beyond the current market operation.
Thus, bitcoin has finished its bear trend, and it has entered the regression period that was rational. In this period period, we may observe declines and regular gains in bitcoin’s price within a small scope, which may persist for a while, maybe 6 or perhaps even longer.