Although we have been in a bear rend during the last year, there are several traders and analysts that are expecting Bitcoin (BTC) to start growing once again.
According to the entrepreneur and CEO of T35Hosting and SmartSitesNJ, Alex Melen, the last time the 50 and 200 average crossed on the 4 day chart was at the bottom of the last bear market.
In the last 24 hours, Bitcoin and other digital assets are falling. Indeed, bitcoin lost 3.08% of its price. The biggest loser among the top 10 is Bitcoin Cash (BCH) (-10,82%) followed by Stellar Lumens (XLM) with a drop of 9.64% and Bitcoin SV (BSV) registering a price decline of 8.98%.
The best-performing assets among the top 10 are Bitcoin, XRP losing 4.53% and Litecoin (LTC) that fell 4.83% during the same period of time. Bitcoin is currently being traded around $3,486.
Despite the fact that virtual currencies are falling, they have a very positive outlook for the future. Some other experts such as Anthony Pompliano believe that Bitcoin could reach $3,000 before starting to grow again. Other analysts that are more bearish on Bitcoin’s price mentioned that the digital asset could fall even down to $1,500.
As Alex Melen wrote, we might be close to an end of this bear market that affected the whole industry. Another popular Twitter user among crypto enthusiasts, Armin Van Bitcoin, said that he is bullish, even when ToneVays or Bob Loukas, among others, are bearish about the digital asset.
The twitter users Moon Overlord claims that the bear market could be close to an end since the decision to withdraw the VanEck proposal for a Bitcoin ETF did not even affect the markets.
Additionally, Bitcoin is going to be experiencing a new halving. Because of this, the daily issuance of Bitcoin will be reduced as well in just a few months from now.
That being said, Bitcoin could still fall under $3,000 and test new lows in more than a year. Currently, Bitcoin has a market cap of $61.03 billion.