Bitcoin's bull market to start in the second half of 2019 - Expert Opinion
|- Cryptocurrency tech analyst expects a strong and steady recovery in the second half of 2019.
- Currently, BTC/USD lags behind major altcoins.
While Bitcoin is hovering around $3,600 handle trying to stage a recovery from the recent lows, cryptocurrency experts predict that a true rally will start only in the second half of the year. According to the forecast, provided by a cryptocurrency tech analyst known under the Twitter name Galaxy, the weekly chart reveals the similarity between the Bitcoin movements during bear markets of 2018 and 2014. The previous downtrend lasted for 420 days, which equals 60 weekly charts, then we had a consolidation period for another six months, while the bull market started to emerge only ahead of 2016.
"The future lies in the study of the past, he wrote in his Twitter account. "We're approaching the 420-day mark which ended the 2015 bear market and if history repeats itself, we're moving towards several months of accumulation and a new bull cycle starting mid-late 2019."
The comments in the thread demonstrate that the community takes his analysis with a pinch of salt. Many community members pointed out that history never repeats, while the forecast is overly optimistic, given the significantly changed regulatory and technological landscape.
If the global regulatory authority barely noticed Bitcoin in 2014, now they come after it and try to tighten the screws on cryptocurrency trading where possible. Moreover, wider popularity brought in lots of random people in the industry. Some of them came with bad intentions. A high level of fraud and a series of hack attacks also drew negative attention to the industry and spoiled its reputation.
BTC/USD managed to claw back some ground to trade at $3,620 by the time of writing. The largest digital asset has gained about 4% in recent 24 hours, though its recovery lags behind such altcoins as Ethereum, Tron, EOS, and Cardano.
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