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Market Humming with Bullish Sentiment for 2019 and Beyond

Market Humming with Bullish Sentiment for 2019 and Beyond

With Bitcoin currently sitting around the USD 4,000 mark, early 2019 sentiment has a bullish feel to it with analysts hopeful for a surge after spending too long a time in bear terrain in 2018.

Around the exchanges, the feeling is largely upbeat with one expert claiming that it has been a lack of understanding that has held cryptocurrencies back, and now that the public sees they that are here for the long haul, digital currencies will be able to find more stability as more knowledge is disseminated regarding their use.

Joshua Frank, the co-founder of cryptocurrency analytics platform TheTIE.io, is confident with the way Bitcoin has held its own into the new year, suggesting:

“Bitcoin’s daily sentiment score, which looks at the conversation over twitter over the last 24 hours vs. a 7-day rolling period has been positive throughout all of 2019 thus far… We saw that daily sentiment peaked on January 4th, and while it has fallen slightly, it has remained positive.”

Frank sees this auguring well for Bitcoin, given what he describes as the “historic correlation between Bitcoin sentiment and price”, arguing that cryptocurrency gains should follow. Another crypto watcher, Jon Pearlstone, publisher of the newsletter CryptoPatterns, is equally upbeat about Bitcoin’s new year prospects, suggesting that the hallmark digital currency is “showing multiple bullish signs” which should test the USD 4,500 level.

Pearlstone goes further: “Any strength on a test of the trendline would likely lead to a retest of key resistance at the USD 6,000, a level that held for months.”

As always, Bitcoin has taken altcoins with on its latest ride, with mostly appreciation all round so far in 2019. Frank again:

“There is a strong correlation between prices of all the major cryptocurrencies since the new year. 19 of the top 20 cryptocurrencies have a positive change in price this week, with the exception being Tether (-.12%).”

 

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Bitcoin on the Rise: Bullish Trends and the G20 Influence

It has been a tough month for Bitcoin coming off the winter boom but there have been several standout moments offering respite from bearish trends and contributing to the current uptrend in the Bitcoin markets.

Firstly, Thomas Lee, the head of research at Fundstrat Global Advisors and his team have released an interesting flow chart (below) that describes the phases of the altcoin market cycle.

While it indicates that the majority of the decline is behind us, their graphs don’t quite inspire an immediate sense of confidence with the purgatory phase apparently in effect and it is still relatively hard to tell when things will begin to look definitively bullish again.

The Risk of Stagnation

How deep this current period will be is still unknown, but it could be noted that markets tend to react swiftly, particularly to positive news, progress in innovations and regulations.

The stakes for blockchain technologies and cryptocurrencies are higher than ever; the past couple of years have seen massive progress with efforts to make the industry more consumer-friendly and regulation-compliant. Despite the scandals of scam ICOs and the recent crackdown on cryptocurrency advertising, the blockchain industry is holding on tight and is more active than ever.

The pressure on altcoins to adapt or die is growing and this slump could spark further indecisiveness and cynicism, dampening the progress that new or established blockchain companies have been making over the past year.

These being worst case scenarios, anything at all can happen in this business, so it’s best to keep an open mind, especially as big organizations, governments, industry heads and key figures are all putting the conversation about cryptocurrencies on the table.

A Good Influence

The G20 Summit is considered partly responsible for the upswing Bitcoin has seen over the past couple of days. Mark Carney, governor of the Bank of England, stated in a letter to G20 finances ministers: “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”

He continued: “Crypto-assets raise a host of issues around consumer and investor protection, as well as their use to shield illicit activity and for money laundering and terrorist financing. At the same time, the technologies underlying them have the potential to improve the efficiency and inclusiveness of both the financial system and the economy.”

A Little More Conversation and A Lot More Action

If the brains at Fundstrat are correct, then this low period of inactivity and consolidation could be a sluggish ride and set the evolution of this industry back for some time. This is the chance for the industry to begin shaking hands with the regulators, influencers and institutions that can begin to create a space for the technology in the everyday lives of the world.

Conversations such as this may only boost Bitcoin value for so long, however, and the bear market could still very well be in play. But the critical part to take away from all of this is that more and more powerful influencers are talking about how to make cryptocurrencies work.

Now let’s see some action.

 

 

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