Story by: NICK CHONG
Over recent weeks, the industry news cycle has seemingly ticked positive, stakeholder sentiment is more cheery than sardonic, and the value of Bitcoin (BTC) has begun a foray to the upside. All this, coupled with the fact that trading activity has purportedly skyrocketed, has left a multitude of commentators on their toes as they eagerly anticipate a notable rally in crypto assets.
Yet, some have maintained a bearish tone, relentlessly calling for BTC to go sub-$3,000. These short-term bears, who have yet to retreat into a state of hibernation, cite Bitcoin’s historical market cycles to back their forecasts. But, could their harrowing wails for lower lows truly come to fruition?
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Bitcoin Bears Might Not Be Done Yet
Cryptocurrencies may be nascent, but over their decade-long lifespan, their respective markets have developed underlying patterns. Leading analyst Josh Rager recently touched on one of these trends, taking to Twitter to exclaim why it’s likely that BTC could revisit its $3,150 low and potentially crumble even further.
Rager explains that in 2014-2016’s cycle, BTC fell to a low, where everyone thought the market had bottomed, before establishing a rebound high, a higher low, and then a higher high — a series of moves that could signal a bullish breakout or reversal. Then, however, Bitcoin plummeted lower, falling from its $380 range to $160 in a matter of months.