It is so easy to get caught up into the endless stream of Bitcoin news especially in social media. #Bitcoin is bearish because of this and that. There are so many gurus that you don’t know who to believe, and interestingly they all have different charts. So then the question is which chart exactly is the one that shows the real dominant pattern? That’s the million dollar question. At InvestingHaven we are convinced we have the chart right. Not just because chart analysis is our life, and we are committed to be among the best chartists in the world. More importantly we did spot all major tops and bottoms in the crypto market, this probably is not a coincidence. Note that our Bitcoin forecast is coming up, and it is part of our annual series of market forecasts covering all global markets! Investors would want to keep a close eye on this.
Let’s be brief here, and let’s stay focused on Bitcoin’s long term chart which is strongly bullish going into 2020.
Any market goes through bull and bear cycles. Crypto follows the same cycle.
In 2018 there was a heavy bear market. It ended on April 2nd, 2019, when we wrote Bitcoin & Crypto: Bear Market Officially Ends Today, Bull Market Officially Starts Today.
This was an easy one to forecast, and we were on record on Feb 25th, 2019 with this special announcement: Cryptocurrency Alert: The Crypto Winter Has Ended.
As of April 2nd, 2019 the crypto market is in a new bull market. Period.
A bull market is and remains a bull market until proven otherwise. There is just one turning point.
Bitcoin has a track record of rising and falling in channels. No coincidence that last year’s bear market was a steeply falling channel, and that the new bull market started with an even steeper rising channel.
Right now we are in a tactical, short term downtrend.
No there is no reason to be concerned. Why no concern? Because the currently falling channel is falling at a much slower pace than the rising channel in April/May/June.
How much clearer can this be?
Why over-complicating things if they are easy? The rise was steep, the fall is soft, consequently the bull market is intact.
We will get concerned if and when this falling channel is broken to the downside. What’s the probability? Low.
