Bitcoin’s tendency will change from bearish to bullish during 2019, at least that is what Thomas Lee, the famous Bitcoin bull who is the Head of Research at Fundstrat Global Advisors, is saying. According to him, the technical analysis of the company shows that the market will shift during 2019.
Thomas Lee is not alone. After a small bull run which happened on February 8, many investors were hoping for a more prolonged bull market, as the market grew at least $9 billion USD in value in a single day.
According to the investor, the bear trend may not be over in a week, but he believes that the future of the market is just around the corner. The analysts of Fundstrat Global who were bearish in 2018 are now switching and saying that 2019 will be the year of the bull. He affirmed that, when looking at the 200-week moving average of Bitcoin, there is some support for this theory.
Robert Sluymer, the Managing Director and Technical Strategist at Fundstrat, agrees with Lee. From this point of view, the bear market is also near and he compared price charts from 2015 with the ones from now in order to explain how Bitcoin is basically getting back to the same formation as it was back then a triangle-shaped formation. This, they believe, proves that there is an important price swing soon.
An article by MagicPoopCannon, an internet Bitcoin analyst (with a ridiculous name), was also cited by Lee. The article also talks about the same 200-week moving average and compares Bitcoin to its 2015 movement.
Is The Bearish Time Finally Over?
If conditions are like the ones from 2015, as the three investors believe, the downtrend could finally be over for a long time. However, is this really going to happen? The uptrend of February 8 gives us a hint: it may. Some people thought that Bitcoin would reach its bottom at the price of $2,000 USD, but it looks like the prices are more resilient than that their bottom was at $3,400 USD.
Analysts have also compared Bitcoin to Litecoin, which rose 50% percent recently. They believed that BTC might just follow LTC this time and that the end of the downtrend may be near.
According to the analysts, Bitcoin has to maintain its price over $3,300 USD or the triangle would end and the trend could reverse, but if the trend up continues, the chances of the bear market ending are pretty good.
At the same time, Tom Lee posted an article affirming that institutional investors will see the value of the USD falling down, so they will decide to invest in Bitcoin, which will make the prices go up even faster later.