{"id":374233,"date":"2019-03-11T20:00:55","date_gmt":"2019-03-11T20:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=374233"},"modified":"2019-03-11T16:22:24","modified_gmt":"2019-03-11T16:22:24","slug":"bitcoin-uptrend-bear-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-uptrend-bear-market\/","title":{"rendered":"Bitcoin In Longest Uptrend of Current Bear Market, But Analysts Expect New Lows"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Ever since <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Analyst: Bitcoin in Longest Uptrend of Entire 2018-2019 \u201cCorrection\u201d<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Since Bitcoin\u2019s parabolic advance was broken in December 2017, there have been numerous peaks and troughs in Bitcoin\u2019s price charts, however, no other uptrend thought the 2018-2019 bear market has been as long as the one the market is currently in.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The longest uptrend in this correction so far&#8230; and counting. <a href=\"https:\/\/t.co\/4gXUxnUYMN\" rel=\"nofollow\">pic.twitter.com\/4gXUxnUYMN<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/93331717?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">As was pointed out by crypto chartist and analyst Dave the Wave, who is known for watching<a href=\"https:\/\/wncen.com\/2019\/03\/04\/weekly-macd-bullish-bitcoin-price\/\"> longer-term indicators such as the weekly MACD<\/a>, Bitcoin has been trending upward ever since the cryptocurrency bounced off the local low of $3,400 on February 6, 2019. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The current uptrend has lasted 33 days, where as four out of five uptrends during the 2018-2019 bear market didn\u2019t 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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/03\/11\/how-rising-bitcoin-holdings-of-may-push-btc-price-up-significantly\/\">How Rising Bitcoin Holdings of May Push BTC Price Up Significantly<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s worth noting that Dave the Wave refuses to call Bitcoin\u2019s price action over the last 14 months a \u201cbear market,\u201d and instead <a href=\"https:\/\/wncen.com\/2019\/02\/22\/crypto-bitcoin-price-btc-macd\/\">suggests that the first-ever cryptocurrency is only in a \u201ccorrection.\u201d<\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Dave the Wave\u2019s previous analysis of the weekly MACD suggests that Bitcoin never fell below the indicator\u2019s 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 \u201ccorrection\u201d could further deepen.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Does the Bear Market Have Another Leg Down? Here\u2019s What It\u2019ll Look Like<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">As for what a deeper decline might look like, crypto analyst <a href=\"https:\/\/twitter.com\/Crypto_Bitlord\/status\/55235590\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Sir Bitlord<\/a> 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.<\/span><\/p>\n<p>https:\/\/twitter.com\/Crypto_Bitlord\/status\/55235590<\/p>\n<p class=\"p1\"><span class=\"s1\">During the 2014-2015 bear market, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> attempted to make a move up, but couldn\u2019t 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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/03\/01\/crypto-bitcoin-price-long-term\/\">Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">After Bitcoin reached its final trading range, it was stuck there for nearly nine months before another attempt at breaking up was finally successful, and bow was put on the previous bear market.<\/span><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cCorrection\u201d Since Bitcoin\u2019s parabolic advance was broken in December 2017, there have been numerous peaks and troughs in Bitcoin\u2019s 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&#8230; and counting. pic.twitter.com\/4gXUxnUYMN &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@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\u2019t 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. Related Reading | How Rising Bitcoin Holdings of May Push BTC Price Up Significantly It\u2019s worth noting that Dave the Wave refuses to call Bitcoin\u2019s price action over the last 14 months a \u201cbear market,\u201d and instead suggests that the first-ever cryptocurrency is only in a \u201ccorrection.\u201d Dave the Wave\u2019s previous analysis of the weekly MACD suggests that Bitcoin never fell below the indicator\u2019s 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 \u201ccorrection\u201d could further deepen. Does the Bear Market Have Another Leg Down? Here\u2019s What It\u2019ll 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. https:\/\/twitter.com\/Crypto_Bitlord\/status\/55235590 During the 2014-2015 bear market, Bitcoin attempted to make a move up, but couldn\u2019t 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. Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term After Bitcoin reached its final trading range, it was stuck there for nearly nine months before another attempt at breaking up was finally successful, and bow was put on the previous bear market. Featured Image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":374236,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[5687,428,24132,2849,29203],"class_list":["post-374233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bear-market","tag-bitcoin","tag-dave-the-wave","tag-macd","tag-sir-bitlord"],"acf":[],"yoast_head":"\n<title>Bitcoin In Longest Uptrend of Current Bear Market, But Analysts Expect New Lows<\/title>\n<meta name=\"description\" content=\"Bitcoin has been trending upward ever since the cryptocurrency bounced off the local low of $3,400 on February 6, 2019 \u2013 the longest uptrend since 2017.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-uptrend-bear-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin In Longest Uptrend of Current Bear Market, But Analysts Expect New Lows\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has been trending upward ever since the cryptocurrency bounced off the local low of $3,400 on February 6, 2019 \u2013 the longest uptrend since 2017.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-uptrend-bear-market\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-11T20:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T16:22:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/bitcoin-uptrend-shutterstock_763067341.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5082\" \/>\n\t<meta property=\"og:image:height\" content=\"3388\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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