During the first couple of months of the 2019, the price of BTC stayed under the $4,000 mark therefore solidifying the fears that Bitcoin price had indeed in the midst of a long Crypto winter. Not only that, but throughout the 2018 year, this space witnessed the simultaneous collapse of around 2,000 Cryptocurrency which lost around 80% of the market share. Additionally 2018 was the year that saw the Cryptocurrency market hit a rock bottom as the sector was hit by a number of scams and illegal actions that caused investors to completely lose trust and faith in the virtual currency. During the time of these frauds, many intellectuals expressed disappointments about the virtual currency and called it the mother of all troubles. The most notable of the personalities that caused the market to react was the comment made by the Noble Prize winning economist Nouriel Roubini. Additionally to a financial consulting firm which is renowned throughout the world published a report that stated that cyber criminals stole around $1.5 million per month in initial coin offering proceeds, totaling around $400 million of the funds raised. As a result of these shady developments that took place in the market, a lot of legitimate project kept a low profile, waiting for the noise to settle down or wither away, which led to the crypto market suffering a lot.
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It was in the year 2017, the price of BTC was very high and it had reached to such a level that it has not yet been eclipsed although two years have gone by. The price of BTC made all the investors, market speculators to sit up and take notice and made them aware about the potential of such a virtual asset that could end up replacing the traditional fiat currency. However, after the flagship crypto asset had hit an all time high most of the market participants soon realized that the dream run cannot be sustained and the market will move to a more bearish mode of operation. And it turned out that was the case, and it was evident in the markets just after a couple of months had gone by in the year 2018. The price of BTC tumbled to a low of $3, 3000. And it was at this bottom that many analysts predicted, it will not bounce back. In general theory, whenever any asset hits bottom its vulnerability tends to decline and such was the scenario for BTC during the first half of the 2019. The currency’s native volatility rate dropped to extreme low levels.
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Another indicator that suggested that the Bitcoin had hit rock bottom between December 2018 and January 2019 is the hash ribbon quotient. To put it in simple terms the quotient factors in two inputs: hash rates and mining difficulties of Bitcoin to figure out the time period when buying the digital asset is the most profitable for investors and customers. In this regard when the hash ribbon marker send out a buy signal, it often indicates that a local bottom has been formed and that is what happened with the BTC at the start of 2019. The early, movers took advantages and brought the asset when it was in between the price range of $3000 and $4000. A crypto analyst told that the run which started at $3,000 and ended in $13,000 was mainly because of the fear of losing out. The factor that contributed to the rise in price of BTC was the support it got from its 200 week moving average, volatility hit of the virtual asset at the end of 2019 and the asset dropping by more than 85% from its all time high.
Source: Coin Telegraph
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