During the last few weeks, many respected analysts have claimed that the bottom is in for bitcoin and the conditions are setting up the market for another “parabolic move,” as Peter Brandt explained. Surpassing the $4,200 resistance level on Apr. 2, 2019, represented the most important pivot point for these analysts to change their views from bearish to bullish.
There are also those who believe that the crypto bear market is not over yet. Tyler Jenks, for instance, sees bitcoin bottoming at $1,000. Bears are expecting to see Bitcoin dominance rise significantly with respect to other cryptocurrencies before they can call an end to the bear market.
Bulls vs. Bears
A recent survey conducted by Willy Woo, a trader who was named one of the top-5 analysts of 2017, surveyed some of the most notable analysts and influencers in the crypto sphere on whether they believe the bear market is near an end.
These analysts gave a 71.6 percent probability that the low of Dec. 15, 2018, when bitcoin was trading at $3,190, marked the bottom of the market. However, those who were not as bullish concluded that the total market capitalization will play a more important role in calling the bottom.
Tuur Demeester and Michiel Lescrauwaet, founding partner and co-founder of Adamant Capital, created a report explaining why bitcoin has started a massive accumulation phase leading them to infer that the bottom is in.
“Now, at 75% below its 2017 all-time high, we believe the current bear market represents an exceptional opportunity for value investors.”
Adamant Capital suggests that a capitulation event took place in November 2018 when bitcoin’s market valuation declined by 48 percent, which marked the bottom of the bear market.
To read the rest of this article, please subscribe to CryptoSlate Research.
Join CryptoSlate Research for deep analysis, long-form research and exclusive interviews
CryptoSlate Research is an exclusive premium newsletter that delivers thoroughly researched, long-form analysis from cryptocurrency and blockchain experts. These articles will not be published anywhere else and are only available to our CryptoSlate Research subscribers.
What can you expect from CryptoSlate Research?
- Exclusive insight from renowned crypto analysts including Joseph Young, Eric Thies, Kristy-Leigh Minehan, Kate Mitselmakher, Mitchell Moos, Priyeshu Garg and others.
- Hard-hitting investigative journalism and technical research providing insight into emerging sectors and industry trends.
- Original data and visual media to help you acquire a deeper understanding of what’s really happening in blockchain.
- Advanced cryptocurrency technical analysis and market insight from professional traders and financial analysts.
- Exclusive one-on-one interviews and editorials from some of the most influential people in blockchain.
- Gain access to our private Slack where you can engage with the CryptoSlate Researchers and vote on research topics.
- All quality—no advertisements, shilling, or sponsored content.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.