As in 2015, 2019 can be the year of Bitcoin Recovery, even if the commodity shows wild volatility in the next few weeks; ranging between $2,000 and $4,000.
In the coming months, a cryptocurrency researcher Willy Woo, who began his career at Woobull.com, also said Bitcoin’s on-chain quantity remains fairly small to imply a reasonable low point. Woo clarified that while Bitcoin’s sharp decline from $6,000 to $3,122 led to a rise in volume, therefore, was no sign of an erosion period starting.
2019 Bitcoin Recovery
As can be seen by the analytical configuration that suggests irrational exuberance, there is not much volume in the chain to ignite an extended move. What we have seen in the past seven weeks has been a spike in on- chain volume driven by volatility, coins that move to trade.
The immediate increase in volume indicated a quicker cleanse and an earlier end of the bear market, although in fact it was a symptom of volatility. This move from $6k to $3k produced a huge volume of trade, but it was by no means a sign that the volume of erosion had started. This could take a few months for Bitcoin and other significant crypto assets to show proof of erosion in the cryptocurrency exchange market and on OTC trading platforms.
Small Tokens Struggle To Stay In
If Bitcoin suffers from another retraction before setting a bottom, maybe by the end of the second quarter of 2019, crypto holdings with a low market cap could experience a free fall without selling pressure, likely to result in heavy losses against both Bitcoin and the US dollar.
As Arthur Hayes, BitMEX CEO, stated, tokens and small blockchain channels with fragile foundations and user bases are likely to have problems in 2019.