Mati Greenspan, the senior marketing analyst for eToro, says that recent Bitcoin price action is acting “more typical during a bull run.”
Most cryptocurrency proponents are hoping that 2019 shapes up a lot differently than 2018, a year that saw the value of Bitcoin and other virtual currencies plummet by 70 percent or more. All eyes are watching the daily movement of coins in order to gauge where the market is heading. One notable analyst says the recent Bitcoin price movement is a cause for optimism.
Bitcoin Price Movement Pointing to Bull Market?
The last eight trading sessions have found that Bitcoin has kept within the $3,500 to $4,000 range. The senior marketing analyst for trading platform eToro, Mati Greenspan, says this is a positive occurrence.
Gains across most of the popular crypto assets have been rather mild lately. While it’s good to see bitcoin holding steady, we’re actually starting to see a side of the market that is more typical during a bull run.
Crypto enthusiasts are hoping that such a market event will occur, even more so as today marks the 10th anniversary of when the first block of bitcoins was released on the blockchain.
Bitcoin Investors Still Hodling
The statement by Mati Greenspan dovetails with the attitudes of Bitcoin investors. Data from DailyFX notes that nearly 80 percent of Bitcoin investors are committed to the coin for the long haul.
Bitcoin: Retail trader data shows 77.5% of traders are net long with the ratio of traders long to short at 3.44 to 1. The number of traders net long is 0.4% lower than yesterday and 6.2% higher from last week, while the number of traders net short is 2.7% lower than yesterday and 6.4% lower from last week.
While one would think such a strongly held view by so many would be great news when it comes to Bitcoin price, DailyFX says not so fast.
The researchers pour some cold water on the hopes of investors by saying:
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger bitcoin-bearish contrarian trading bias.
Where do you think Bitcoin price will be by the end of 2019? Let us know in the comments below.
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