Bitcoin Price Could Bottom as Early as December or as Late as February




CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.

According to David Puell, a Bitcoin and market analyst, the dominant cryptocurrency could either reach its bottom by the end of December or within the first quarter of 2019.

The $4,300 region, which Bitcoin entered after enduring a 35 percent correction from around $6,600, has been established as a comfortable region for the asset. With resistances stacked up above the $4,300 mark, the analyst explained that a pullback from the current price could trigger exhaustion in the lower range.

Puell said:

“Since volatility has dramatically increased, it is pertinent to have a granular view of current volume node structure. Resistances have piled up, so any pullback must be closely watched for any sign of exhaustion. The $4,300 area is the center of mass.”

Climax by December or February of 2019

bitcoin price chart
Bitcoin Price (BTC/USD) | Bitstamp

Based on the steep decline in the price of Bitcoin over the past several months and the major resistance levels that have formed in the range of $4,000 to $6,000, a further drop below $4,000 could result in the market losing most of its momentum it recently gained.

A potential bottom target, according to Puell, is $2,800, which would signify an 85 percent drop from its all-time high price at $19,500.

But, Puell emphasized that a bottom can only be achieved by Bitcoin if the sell-off reaches its climax, bears lose leverage, and the market begins to show exhaustion.

Currently, the market is extremely volatile and is moving up and down by 10 to 20 percent on a daily basis. In the past 24 hours, Bitcoin surged by 12 percent while Stellar, another major cryptocurrency, spiked by nearly 15 percent.

“Weekly Gaussian bands (1) show a crucial confluence with the general $2,800 high value node zone (2). This gives a more detailed view of the nuances that come with that level in terms of potential swing and closing weekly price behavior. This general area is also supported by the 200-week MA and a good deal of buying positions (volume at time) back in Sept 2017,” said Puell, adding that the bear market could extend to 2019.

He explained:

“Given the strength of the downtrend and current information, a selling climax may come as soon as December and as late as February.`”

Q1 2019

Willy Woo, the founder of Woobull.com, proposed a similar time frame for the end of the Bitcoin bear market. Earlier this month, Woo stated that the market is likely to reach its bottom by mid-2019, based on fundamental indicators like the transaction volume and user activity of major cryptocurrencies.

Analysts generally agree that to recover from the intense sell-off of November that resulted in the loss of nearly $80 billion from the cryptocurrency market, a months-long consolidation period will be needed, and major digital assets will have to demonstrate a relatively high level of stability in a lower price range.

Small market cap tokens have shown a promising upward price movement in the past 24 hours, with some including ICON rising by more than 30 percent. But, most assets are still down substantially since October.

Featured Image from Shutterstock. Charts from TradingView.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.

Advertisement




Author: Joseph Young

Source link

Related posts

30 Thoughts to “Bitcoin Price Could Bottom as Early as December or as Late as February”

  1. gamefly

    whoah this weblog is wonderful i like studying your posts.
    Stay up the good work! You already know, lots of people are
    looking round for this info, you can aid them greatly.

  2. minecraft download

    Hello there! I know this is kind of off topic but I was wondering which blog platform are you using for this website?
    I’m getting fed up of WordPress because I’ve had issues with hackers and I’m looking at options for another platform.
    I would be awesome if you could point me in the direction of a good platform.

  3. download minecraft free

    If some one wishes expert view on the topic
    of running a blog after that i advise him/her to visit this webpage, Keep up the good work.

  4. g

    Your way of describing the whole thing in this article is genuinely fastidious, all be able to simply be aware of
    it, Thanks a lot.

  5. g

    First off I want to say wonderful blog! I had a quick question that I’d
    like to ask if you do not mind. I was interested to know how you
    center yourself and clear your mind before writing. I’ve
    had a hard time clearing my mind in getting my ideas out.
    I do enjoy writing but it just seems like the first 10 to 15
    minutes are wasted simply just trying to figure out how to begin. Any
    suggestions or tips? Cheers!

  6. g

    I pay a visit everyday a few web sites and sites to
    read content, however this web site offers quality based articles.

  7. download minecraft

    Excellent post. Keep posting such kind of information on your blog.
    Im really impressed by your blog.
    Hello there, You’ve performed an excellent job. I’ll
    certainly digg it and personally recommend to my friends.

    I’m sure they’ll be benefited from this website.

  8. Dwain Arzaga

    The article posted was very informative and useful. You people are doing a great job. Keep going.

  9. mojang minecraft download

    I have been surfing online more than 4 hours today, yet I never found any interesting article like yours.
    It is pretty worth enough for me. In my opinion, if all site owners and bloggers made good
    content as you did, the net will be much more useful than ever before.

  10. Tonisha Rizvi

    The article posted was very informative and useful. You people are doing a great job. Keep going.

  11. minecraft download free pc

    It’s in fact very complicated in this full of activity life to listen news
    on Television, so I just use internet for that purpose, and get the latest news.

  12. gamefly free trial 2019 coupon

    Woah! I’m really loving the template/theme of this site.
    It’s simple, yet effective. A lot of times it’s difficult
    to get that “perfect balance” between user friendliness and visual appearance.
    I must say you have done a excellent job with this.
    In addition, the blog loads extremely quick for me on Safari.

    Outstanding Blog!

  13. plenty of fish dating site

    Aw, this was a really nice post. Finding the time and actual effort to generate a top notch article… but what can I say… I put things off a whole lot
    and never manage to get anything done.

  14. plenty of fish dating site

    Awesome blog! Do you have any tips and hints for aspiring writers?
    I’m planning to start my own website soon but I’m a little lost on everything.

    Would you recommend starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m totally overwhelmed ..
    Any tips? Cheers!

  15. natalielise

    Hello there! This is my first visit to your blog! We are a collection of volunteers and starting a new initiative
    in a community in the same niche. Your blog provided us valuable information to work on.
    You have done a wonderful job! plenty of fish natalielise

  16. pof

    I every time spent my half an hour to read this web site’s articles or
    reviews everyday along with a mug of coffee.

  17. dating site

    Simply want to say your article is as astounding. The clarity in your put up is simply
    nice and i can suppose you are a professional on this subject.
    Well with your permission let me to grasp your RSS feed to
    keep up to date with coming near near post.
    Thank you one million and please continue the gratifying work.

  18. plenty of fish dating site

    Yes! Finally something about plenty of fish dating
    site.

  19. descargar facebook

    This is very attention-grabbing, You’re an excessively skilled blogger.
    I’ve joined your rss feed and stay up for in the hunt for more of your magnificent post.

    Additionally, I’ve shared your website in my social networks

  20. Esport

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  21. ip booter

    … [Trackback]

    […] Find More on on that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  22. automation test tools

    … [Trackback]

    […] Find More to that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  23. cvv shop online

    … [Trackback]

    […] Here you can find 40580 additional Information to that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  24. albino penis envy mushrooms

    … [Trackback]

    […] Find More on to that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  25. FUL

    … [Trackback]

    […] Read More on on that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  26. Belfast escorts

    … [Trackback]

    […] Info to that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  27. outsourcing your Devops

    … [Trackback]

    […] There you can find 68116 more Information on that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  28. maxbet

    … [Trackback]

    […] Find More on on that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  29. sbobet

    … [Trackback]

    […] Here you can find 89044 more Information to that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

  30. เงินด่วน

    … [Trackback]

    […] There you will find 53598 additional Info on that Topic: tradingbtc.com/2018/11/28/bitcoin-price-could-bottom-as-early-as-december-or-as-late-as-february/ […]

Leave a Comment