The bear market experienced by Bitcoin and altcoins in 2018 cannot be easily forgotten. The moment was a big deal for all the in-house crypto enthusiasts and investors, but for the newbies, it might be a fairy tale. A cryptocurrency analyst has recently averred that such a devastating price correction will likely not resurface again.
Bitcoin (BTC) is obviously the largest cryptocurrency by market cap, and it has been stamping its authority over other digital currencies. Its price downward and upward movement determines the price growth of the alternative coins.
The significant price crash of 2018 left a number of investors disappointed. Bitcoin underwent price drop from relatively $20,000 to about $3,200, taking other cryptocurrencies along in the dip.
However, 2019 has been a year of recovery for Bitcoin and digital currencies in general. BTC price improvement started to get obvious on 1st May, 2019, after increasing by about $1,000 within few days.
The sudden price surge came as a big surprise. As at early April, Bitcoin was still changing hands below $5,000 resistance level. BTC started displaying the bullish features at ending of April, which saw it surpassing $5,000.
This preceded the significant price soar from a bit around $5,200 to breaking $6,000 resistance level and beyond. Bitcoin has encountered lots of price fluctuations on its course of breaking further above, but some crypto experts are optimistic that BTC cannot experience price plummet like the one it last experienced.
At press time, Bitcoin is trading at $7,978.55, with 0.06% price increase in the last 24 hours. BTC has been struggling to advance far beyond $8,000, since the shocking price plummet from relatively $8,550 few days ago.
Analyst Believes a Crash Like That of 2018 is likely Not Resurface Again
Crypto Michaël, a usual cryptocurrency analyst on twitter made a point about the possibility of Bitcoin and other coins not seeing any devastating price drop like that of 2018.
There has been growing speculation that the digital asset could drop significantly as long as it has not surged beyond its last recorded All Time High.
Michaël tried to prove his point using a chart he captioned. He said altcoins against BTC are closely stable within upper range band ($8,200) and lower range bound ($7,500).
He pointed that such interaction is something unusual. He then concluded that the abject price crashes like the one last experienced by all cryptocurrencies is possibly not resurfacing again.
He said: “Nicely stuck in between the range here, so the game is still the same -> altcoins. Upper range band: $8,200 area Lower range band: $7,500 area I don’t see ‘crashes’ like 2018 happening, as alts/btc are relatively stable when BTC drops. This is something new.”
Nicely stuck in between the range here, so the game is still the same -> altcoins.
Upper range band: $8,200 area
Lower range band: $7,500 area
— Crypto Michaël (@CryptoMichNL) June 8, 2019
Bitcoin (BTC) continues to use $8,000 as a balancing edge as it persistently surpasses and drops below the resistance level. When Bitcoin would surge further beyond and break $9,000 resistance, taking the more challenging hurdles one at a time will continue to be a speculative topic among pundits in the crypto space.