If you happened to enter the crypto market late last year, most likely, you are still down or you may have already opted out. The crypto market has shrunk significantly compared to how it was during its peak. Bitcoin has dropped around 80% since its peak last mid-December last year. But in the last 24 hours, the crypto market has been able to recover a bit by around $3 billion. It went from roughly around $123 billion to $125 billion. Bitcoin stabilized by around $3,850.
As for the other cryptocurrencies such as Ethereum (ETH), Stellar (XLM), and Bitcoin Cash (BCH), the top altcoins demonstrated a jump of around 1.5% to 8 % on that day.
For the past months, Bitcoin was stable at around $6,200 to $6,500. In fact, some observers even thought that Bitcoin is being used as a store of value while the market is already maturing. But it wasn’t the case as the top cryptocurrency went below $3,500 triggered by the Bitcoin Cash hard fork.
$3,500 to $4,500 Range
For crypto analyst known as “The Crypto Dog”, the analyst mentioned that “Following the November sell off into the low $3,000s, BTC has now carved out a clearly defined range between $3,500 and $4,500. A consolidation event following a strong move is more likely to result in a continuation than reversal. that means currently the bears are in control”.
However, for the analyst, we are currently in the last part of the bear market. “It is my opinion that bitcoin is in the final stages of this bear market. I expect the price to range between low of $2,000 to an absolute high of $6,200 (more likely, $3,000-$5,400) for a substantial period of time”.
Institutional Investors Are Coming?
Crypto observers are still hoping that institutional investors are going to enter the market soon. The US Securities and Exchange Commission has been active recently in bringing regulatory clarity in the industry. The agency recently targeted companies that were selling unregistered securities via ICOs.
In addition to the companies that the agency targeted, celebrities such as Floyd Mayweather and DJ Khaled were made to pay a fine. In fact, even social media influencers who didn’t disclose getting paid for their endorsement are being targeted.
As for the possibility of having a Bitcoin ETF, Jay Clayton announced that it is important for the crypto market to implement necessary changes before the agency becomes comfortable approving a Bitcoin ETF. In the last few months, Bitcoin ETF applications citing the possibility of price manipulation. Clayton even mentioned that Nasdaq and New York Stock Exchange make use of surveillance tools that most crypto exchanges don’t have.
Still Bullish?
Many are still bullish on the future of the crypto market. Mike Novogratz predicts that 2019 and 2020 will be bullish for the crypto market. And he isn’t alone in this particular sentiment. You have Argo which is a mining company that is also optimistic regarding what the future holds despite the decreasing hash rate in Bitcoin’s network.
So when is the crypto market going to have a major comeback? As for the timeline, nobody actually knows at this point. However, many are still optimistic.
