{"id":121283,"date":"2019-12-17T21:30:56","date_gmt":"2019-12-17T21:30:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=121283"},"modified":"2019-12-17T20:26:29","modified_gmt":"2019-12-17T20:26:29","slug":"is-bitcoin-bottoming-out-like-it-did-a-year-ago","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/is-bitcoin-bottoming-out-like-it-did-a-year-ago\/","title":{"rendered":"Is Bitcoin bottoming out like it did a year ago?"},"content":{"rendered":"<p>As Bitcoin approaches the $6,500 support level, some of the most prominent analysts in the industry believe that a market bottom could be near just like it happened over a year ago.<\/p>\n<h2>History tends to repeat itself<\/h2>\n<p>After reaching an all-time high of $19,890 on Dec. 17, 2017, Bitcoin went through a steep bear market. The flagship cryptocurrency saw its price plummet over 80 percent throughout 2018. But, on Dec. 15 of that year, BTC hit a low of $3,215, which marked the bottom of the bear market.<\/p>\n<p>Following the end of the downward trend, the pioneer cryptocurrency skyrocketed almost 330 percent. Bitcoin surged to reach a high of nearly $14,000 on June 26. Since then, this crypto entered a corrective phase that has pushed its price down over 50 percent. And, it is now hovering around $6,700.<\/p>\n<figure style=\"width: 2394px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/KuXCnB1R\/\" alt=\"BTC US dollar price chart\" width=\"2394\" height=\"1164\" \/><figcaption class=\"wp-caption-text\"><a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/\">BTC\/USD<\/a> by TradingView<\/figcaption><\/figure>\n<p>Under the concept of seasonal cycles, it seems like December poses a lot of significance to Bitcoin\u2019s trend. As explained above, in Dec. 2017 this cryptocurrency hit a new all-time high and in Dec. 2018 it hit a market bottom. If seasonality is indeed a key factor of BTC\u2019s market cycles, is history about to repeat itself?<\/p>\n<h2>Signs of a market bottom<\/h2>\n<p>Based on the 2-year moving average (MA) multiplier indicator, Sawcruhteez, a financial analyst and swing trader, <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/1202670426557685760?s=20\">believes<\/a> that Bitcoin entered an \u201caccumulation\u201d phase as it moved below the 2-year MA. This resembles the accumulation zone that BTC went through in 2018 after plunging below $5,600.<\/p>\n<p>Swift, the creator of the 2-year MA multiplier indicator, maintains that:<\/p>\n<blockquote><p>\u201cBuying Bitcoin when the price drops below the 2-year MA has historically generated outsized returns.\u201d<\/p><\/blockquote>\n<figure style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/accumulation_phase-1024x551.png\" alt=\"Bitcoin 2-Year MA Multiplier\" width=\"1024\" height=\"551\" \/><figcaption class=\"wp-caption-text\">Bitcoin 2-Year MA Multiplier. Source: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/bitcoin-investor-tool\/\">Look Into Bitcoin<\/a><\/figcaption><\/figure>\n<p>Along the same lines, <a href=\"https:\/\/cryptoslate.com\/people\/peter-brandt\/\">Peter Brandt<\/a>, a 45-years trading veteran, <a href=\"https:\/\/cryptoslate.com\/a-renowned-technical-analyst-weights-on-bitcoins-path-to-100000\/\">stated<\/a> that Bitcoin\u2019s price action has been contained within a descending parallel channel after the peak at nearly $14,000 on June 26.<\/p>\n<p>Since then, every time the pioneer cryptocurrency hits the bottom of the channel, it bounces off to the middle or the top. But, when it hits the top of the channel, it falls back to the middle or the bottom.<\/p>\n<p>As Bitcoin moves closer to the lower boundary of the multi-month descending parallel channel, Brandt argues that a bottom is \u201cimminent.\u201d BTC would likely rebound from this area and break out of the channel in an upward direction.<\/p>\n<p>Such a bullish impulse would trigger a new parabolic phase taking Bitcoin to \u201cattack\u201d the all-time high of 2017 and \u201cslice\u201d decisively through it, according to Brandt.<\/p>\n<figure style=\"width: 987px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" style=\"font-weight: bold;font-family: Hind, sans-serif;font-size: 16px\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/btc_bullish.png\" alt=\"BTC US dollar price chart\" width=\"987\" height=\"541\" \/><figcaption class=\"wp-caption-text\">Bitcoin is trading within a descending parallel channel. Source: <a href=\"https:\/\/bitcoin.live\/video\/peter-brandts-crypto-update-december-5-2019\">Peter Brandt<\/a><\/figcaption><\/figure>\n<p>Moreover, <a href=\"https:\/\/cryptoslate.com\/people\/willy-woo\/\">Willy Woo<\/a>, a popular on-chain metrics analyst, <a href=\"https:\/\/cryptoslate.com\/analyst-that-called-bitcoins-drop-to-3000-in-2018-on-signs-the-bottom-could-be-in\/\">noted<\/a> on Dec. 7 that based on the usage of the Bitcoin network, bulls will likely gain the upper hand once again.<\/p>\n<p>Woo affirmed:<\/p>\n<blockquote><p>\u201cOn-chain momentum is crossing into bullish [territory]\u2026 The bottom is most likely in, any [move] lower will be just a wick in the macro view.\u201d<\/p><\/blockquote>\n<figure style=\"width: 2346px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/ELLpHJwWwAQ-wG3.jpg\" alt=\"Bitcoin bullish momentum\" width=\"2346\" height=\"1398\" \/><figcaption class=\"wp-caption-text\">Bitcoin bullish momentum. Source: <a href=\"https:\/\/twitter.com\/woonomic\/status\/1203280379479830528\">Willy Woo<\/a><\/figcaption><\/figure>\n<h2>Moving forward<\/h2>\n<p>Despite the bullish outlook presented by these technical analysts, there are <a href=\"https:\/\/cryptoslate.com\/bitcoin-aims-for-lower-lows-as-the-market-sentiment-turns-bearish\/\">multiple bearish signs<\/a> that suggest that Bitcoin could aim for lower lows. If history indeed repeats itself and BTC behaves as it did in December 2018, then the 150-week moving average would likely break.<\/p>\n<figure style=\"width: 2394px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/keIM6aa5\/\" alt=\"BTC US dollar price chart\" width=\"2394\" height=\"1164\" \/><figcaption class=\"wp-caption-text\"><a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/\">BTC\/USD<\/a> by TradingView<\/figcaption><\/figure>\n<p>Closing below this support level that sits around $6,500 would trigger a further decline. The next level of support is given by the 200-week moving average that is hovering around $5,000.<\/p>\n<p>During his latest <a href=\"https:\/\/www.youtube.com\/watch?v=Pu91-EiHEEE\">podcast<\/a>, <a href=\"https:\/\/cryptoslate.com\/people\/tone-vays\/\">Tone Vays<\/a>, a former VP at JP Morgan Chase, said that he was \u201cpretty damn confident\u201d that BTC is going to go below $6,500. Now, it remains to be seen if such a bearish move would be met with high demand allowing Bitcoin to finally bottom.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Bitcoin approaches the $6,500 support level, some of the most prominent analysts in the industry believe that a market bottom could be near just like it happened over a year ago. History tends to repeat itself After reaching an all-time high of $19,890 on Dec. 17, 2017, Bitcoin went through a steep bear market. [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":121284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Bitcoin bottoming out like it did a year ago?<\/title>\n<meta name=\"description\" content=\"As Bitcoin approaches the $6,500 support level, some of the most prominent analysts in the industry believe that a market bottom could be near.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/is-bitcoin-bottoming-out-like-it-did-a-year-ago\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Bitcoin bottoming out like it did a year ago?\" \/>\n<meta property=\"og:description\" content=\"As Bitcoin approaches the $6,500 support level, some of the most prominent analysts in the industry believe that a market bottom could be near.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/is-bitcoin-bottoming-out-like-it-did-a-year-ago\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-17T21:30:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-17T20:26:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/bitcoin-ground.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/is-bitcoin-bottoming-out-like-it-did-a-year-ago\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/is-bitcoin-bottoming-out-like-it-did-a-year-ago\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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Martinez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-150x150.jpg","caption":"Ali Martinez"},"description":"Ali came across Bitcoin\u2019s whitepaper in 2014. He was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started accumulating BTC since then. Ali has been working as a content writer for some of the leading media outlets in the cryptocurrency industry.","url":"https:\/\/cryptoslate.com\/author\/ali-martinez\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/121283"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/148"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=121283"}],"version-history":[{"count":4,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/121283\/revisions"}],"predecessor-version":[{"id":121296,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/121283\/revisions\/121296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/121284"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=121283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=121283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=121283"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=121283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}