18 Months of Crypto Bear Market?

18 Months of Crypto Bear Market?

BitMEX head says volatility will last for 12 to 18 months. While others hold a more bullish outlook

In an interview with Yahoo! Finance, Arthur Hayes of BitMEX tells that on the basis of his experience in the cryptocurrency market, the flatness currently seen will continue for a year or more. At the same time, he supposes a further fall in trading volumes.

His experience began in 2013. During that time the price of BTC soared from $250 to $1,300. Then in the following two years, the price fell and the volume crashed.

Even in a bearish market, BitMEX is said to be handling $1 billion worth of trading derivatives daily.

Bullish Stance

There are other market participants who hold an alternative viewpoint. Speaking about on the state of the market and the technology, eToro analyst Mati Greenspan said that consciousness and education have increased. Hence, gains can amplify speedier than before.

Will Warren, co-founder of 0x, thinks the market is experiencing healthy consolidation. According to him, the adoption of Bitcoin and other related technologies will become a long-term trend.

Blockchain Technology in a Bull Run

Ex-Barclays and Goldman Sachs banker, Jonathan Levi, conveyed the promising decentralized technology to be in a bull run, even if BTC price is rather bearish. He further points out that banks within the EU are vigorously investing in blockchain technology and the roots of this can be found in Bitcoin.

Bitcoin

BTC
Price
3,599 USD 1.17%
Volume, 24h
1,129,132,890 USD
25.48%
Marketcap
62,927,609,992 USD
52%
Emission
83%

Related news

Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600

Over the past two days, BTC has tested once the dangerous zone of $3480 – $3500 and the second slide had produced a hammer type candle (on the 4-hour chart) with a low at $3400 as a long wick. Hammer candles tend to be bullish reversal candles. This is how capitulation candles look like. However, this candle is on the 4-hour timeframe and not on the daily or weekly charts. Following the above reversal candle, BTC had a mini-run to previous resistance at $3600, along with the 50 days moving average line (marked in purple on the 4-hour chart) and a descending trend-line (marked by an orange line). From our previous analysis: “the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600.” As of writing this, Bitcoin got rejected by the $3600, and some more indicators support the idea that a break-up of this level won’t be so easy. Looking at the 1-day & 4-hour charts Looking on the bullish side, the next significant resistance is $3600, as mentioned above. Above that level lies the daily chart’s 50 days moving average line (marked in white, currently around $3650), the $3700 and $3800 areas. From the bear side, the next major support area is the $3480 – $3500. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120. The 4-hour chart’s Stochastic RSI oscillator had just crossed over at the overbought zone. This can produce a correction down for the next day or two. The daily chart’s RSI: So far the crucial line at 43 holds up. The trading volume is still pretty dull; even though yesterday’s green candle was highest during the past week (on Bitstamp). But we still seek to see volume entering the market in either way. BitFinex’s open short positions had decreased to 22.4K BTC of open positions. BTC/USD BitStamp 4-Hour chart BTC/USD BitStamp 1-Day chart The post Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600 appeared first on CryptoPotato.
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