Bitcoin is slowly losing ground to cling for $3500 is getting harder

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Bitcoin is slowly losing ground to cling for $3500 is becoming increasingly difficult. On Friday morning benchmark, the cryptocurrency is trading at $3300: the weakening of the support around this level may result in a new sale. In this case, there is a high probability that BTC will continue to roll head over heels down until the next consolidation area. Stop it, most likely, in the strong field of July-August last year: that’s $2500-$2700. Overall, crypto-camp was divided into those who are waiting for this moment as the beginning of the bull cycle and those who believe that it is not even the bottom (although it would seem, much much lower).
Indeed, if you focus on the cycles of correction and of growth, after last fall by 85% and reaching, in January 2015 the real bottom at $180 per coin, less than 2 years Bitcoin has soared to almost 11,000%. In this cycle, “gender” will almost certainly be above $180, from which crypto-enthusiasts conclude that the subsequent growth will again become a historic and surprise the skeptics of the entire planet. However, even 2 years is a very long lifespan for optimism.
The main objective of sober-minded investors is seen search not so much lower entry point, how much of the start of the rally. In this context, the history of Bitcoin suggests that it may take a very long time before the market will again begin to heat up.
If you compare the cryptocurrency with the “dot-com bubble” may have to be more than 10-15 years before promising technologies that initially, investors rushed the crowd, you will be successful projects, determining market sentiment. So, the Nasdaq took 16 years to surpass the peak levels of 2000.
If you look at the situation is not so globally, closer to the holiday season, we can expect increasing pressure of sales. A year earlier, the desire to “go to Fiat” for the holidays was a turning point. It is possible that the approaching end of the year will make investors shake up their portfolios, reducing the number of unprofitable positions.
After the “crypto-hangover” in about a year, the cryptocurrency can begin careful purchases of long-term investors. However, such period spurt to the end of the year, together with the subsequent correction, we have already seen in 2017, and 2013 by the Way, in 2014 the market experienced the same a long decline, as in 2018. Then the lows were reached in January 2015, and investors a good entry point was the August drawdown, after which the market finally turned to growth.
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Alexander Kuptsikevich,
Analyst
FxPro