Unsteady prices may set in Bearish run warns Financial AnalystFormer Wall Street Executive and Bitcoin enthusiast Tone Vays is of the view that the crypto winters are not over yet. Crypto winters is a period of volatility and fluctuation in the crypto market, in which value tends to change and the bearish trends, may have an impact on them.
Firstly, the year 2019 has been a progressive year in terms of the stability of the cryptocurrency market. Over the last two quarters, double-digit gains were recorded, and Bitcoin stood out among all other contenders. Even then, the bearish trends seem to limit progress. It is evident from the statistics of the last couple of weeks that the price range is in the zone of one thousand dollars ($1000). This seems to be clearly depicting a bullish trend. However, next year with Bitcoin halving and an important U.S political event are coinciding as Bitcoin investors are quite positive about this development.
Secondly, Bitcoin’s protégé Litecoin was designed to complement the Bitcoin network, and now the demand of the Litecoin is stimulated by the expectation of a favorable price. Currently, Litecoin’s price is one hundred and thirty dollars ($130), which is five-folds up after bottoming out in December 2018. This whole euphoria is because of the upcoming halving in next year. In case Litecoin really becomes the blueprint, which seems to be actually happening, a surge is expected to be recorded for Bitcoin.
Thirdly, as Tone Vays warns about BTC bulls having an upper hand, there is no reason to trust bulls. Eight thousand dollars ($8000) seems to be a psychological price tag and a critical level for traders. So, it is quite crucial for the bulls not only to build momentum that is required for pushing the prices above eight thousand five hundred dollars and nine thousand dollars, but high participation is equally important.
Lastly, despite the expectation for favorable prices, trading volumes are shrinking. In order to continue the trend, the prices that the trading volume will thrust needs to be higher than those of the 31k of 30 May or 47 of May 14. In the same way, liquidation below seven thousand and five hundred dollars ought to be equal to the high trading volumes, invalidating this trade plan.
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