We have entered the second year of a Bear Market. The market moment we're in has found its support at the peak of 2017's Bull market.
There are those who think that it can still go lower, but the majority agree we have reached a bottom as the selling pressure is losing momentum.
Theoretically, if Bitcoin is able to hold the support at the peak of 2017's bull run, we may see a reverse in the bearish momentum and the start of a new accumulation phase.
I say this phase has already begun. So, what do you guys have to say?
There are those who think that it can still go lower, but the majority agree we have reached a bottom as the selling pressure is losing momentum.
Theoretically, if Bitcoin is able to hold the support at the peak of 2017's bull run, we may see a reverse in the bearish momentum and the start of a new accumulation phase.
I say this phase has already begun. So, what do you guys have to say?
I personally think that the accumulation phase is not yet over and we still have some time left for it to be over.
I guess 6 more months we will be out of the accumulation zone including the breaking of this zone and retesting the support.
May be after that we can enter into a bull market. But we never know what the market has to bring for us.
I dont understand exactly what kind of major support everyone is expecting? Afaik 19K to 20k is the peak of 2017 bullrun while current price is way below than that level. I believe 10K is the strongest support because its a round number and the typical psychological analysis when finding strong support since the known one is already broken.
Bitcoin cycle has a 4 years cycle while the recent bullrun was just ended this year. Base on previous data, we might experience again long crypto winter that is longer than 6 months like what you are suggesting.