Is Bitcoin On A Long-Term Bottom? This Crypto Analysts Says It’s Possible

Oct 04, 2019
18:10
2 min reading

Choise.com team

As Bitcoin bulls fail to reach previous highs, dropping further from $8,400 to $8,200 at the time of writing, it seems that bears may not hibernate this winter as some predict that the internet’s digital gold is set to reach a long-term bottom. Unless the number one cryptocurrency makes a sudden upward trend, it may break its current support level at $8,200 and go further down to $7,000.

While the entire market consolidates and stabilizes its prices, crypto enthusiasts eagerly anticipate the possible next price movement as both upwards and downwards market directions are entirely possible. Currently trading at around $8,200, Bitcoin has found another support level after falling from $8,400 yesterday.

The next step will establish a turning point in the mid-term price, as the powerlessness to overcome new highs may result in an even deeper plunge, with no clear certain of what is the next support level that Bitcoin may rest at and consolidate.

According to a popular Crypto Twitter analyst, with the handle CryptoUB, Bitcoin may start a bullish short-term trend towards $8,700. The analyst claims that Bitcoin may reach the potential price if a sudden breakout occurs.

https://twitter.com/CryptoUB/status/1179548733853388800?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1179548733853388800&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F10%2F03%2Fbitcoin-showing-signs-of-forming-a-long-term-bottom-despite-current-consolidation%2F

Some regard the recent drop of price as a bullish indicator, as it may result in Bitcoin reaching a double bottom formation after which it would reach new highs. Another Crypto Twitter analyst by the name of ‘Big Cheds’ commented on this potential, stating that Bitcoin bulls may either form a double bottom or a rounded bottom.

https://twitter.com/BigCheds/status/1179730673315266560?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1179730673315266560&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F10%2F03%2Fbitcoin-showing-signs-of-forming-a-long-term-bottom-despite-current-consolidation%2F

For now, most traders are uncertain about Bitcoin’s possible next step. However, most analysts share a bearish market sentiment, implying that we may establish another ‘Crypto Winter’ as in the previous year. Nevertheless, the upcoming Bitcoin halvening event may bring a price surge, as the event has a historically significant impact on the crypto space.

The current block reward stands at 12.5 BTC per block. As the halvening event is set to occur in May 2020, block rewards will be reduced by 50%, resulting in 6.25 BTC per mined block. Despite the historic success of cutting down on block rewards, a part of the crypto community believes that the upcoming change may not mirror the past events as the halvening is negligible compared to previous, far greater reward reductions. Despite the uncertainty, the new few steps will be critical in forming the market’s mid-term future.