Ever since Bitcoin fell to its most recent local bottom of $3,400 back on February 6, 2019, the leading cryptocurrency by market cap has been in the longest stretch of uptrend since reaching its all-time high of $20,000.
But as bullish momentum struggles with key resistance at $3,900, crypto analysts are calling for a break to new lows and trading zone before the bear market is truly over.
Analyst: Bitcoin in Longest Uptrend of Entire 2018-2019 “Correction”
Since Bitcoin’s parabolic advance was broken in December 2017, there have been numerous peaks and troughs in Bitcoin’s price charts, however, no other uptrend thought the 2018-2019 bear market has been as long as the one the market is currently in.
The longest uptrend in this correction so far… and counting. pic.twitter.com/4gXUxnUYMN
— dave the wave (@davthewave) March 11, 2019
As was pointed out by crypto chartist and analyst Dave the Wave, who is known for watching longer-term indicators such as the weekly MACD, Bitcoin has been trending upward ever since the cryptocurrency bounced off the local low of $3,400 on February 6, 2019.
The current uptrend has lasted 33 days, where as four out of five uptrends during the 2018-2019 bear market didn’t even last 30 days. Only one uptrend, if you can call it that, lasted over 30 days and that was the final 32-day-long uptrend that ended with a break of critical support at $6,000 that took us into the current trading range.
It’s worth noting that Dave the Wave refuses to call Bitcoin’s price action over the last 14 months a “bear market,” and instead suggests that the first-ever cryptocurrency is only in a “correction.”
Dave the Wave’s previous analysis of the weekly MACD suggests that Bitcoin never fell below the indicator’s center point into bearish territory and has since started to point up. However, a contrarian stance might fear that the lack of crossing over could mean that the current “correction” could further deepen.
Does the Bear Market Have Another Leg Down? Here’s What It’ll Look Like
As for what a deeper decline might look like, crypto analyst Sir Bitlord has shared a chart that compares the final drop of the 2014-2015 Bitcoin bear market, helping to paint a picture of where the market might take us next.
— Sir ฿itlord 🇦🇺 📚 (@Crypto_Bitlord) March 10, 2019
During the 2014-2015 bear market, Bitcoin attempted to make a move up, but couldn’t break overhead resistance, causing the crypto asset to fall further into its final trading range. If the same fractal plays out in the current bear market, the recent rejection at $4,200 may result in a steep selloff to $2,370, according to the analyst.