After a bearish 2018, it seems that 2019 came with quite a disappointing start for crypto enthusiasts and investors alike because everyone was hoping that the pain left by the bearish trend in the crypto market would go away.
More than $400 billion in market cap was wiped out back in 2018, and mass adoption failed to become a reality. Now, the total market cap is about $113 billion.
There have been various predictions regarding Bitcoin and cryptos’ prices in general both positive ones and some not so hopeful.
Bloomberg makes a gloomy prediction on BTC
Now, the latest reports coming from Bloomberg reveals that a critical technical indicator is not looking that great for the Bitcoin bulls.
“Based on the GTI VERA Convergence Divergence Technical Indicator, the largest cryptocurrency just entered a new selling trend today for the first time since mid-November. The last time a sell signal was sent, Bitcoin tumbled about 50 percent from $6,280 a coin to $3,156 over a nearly two-week span,” according to the report.
Cardano’s Charles Hoskinson also came with a gloomy prediction recently.
Hoskinson believes that BTC will hit its all-time high again just in ten or eleven years from now.
He believes that the market could take as much as ten years to recover because Amazon took ten years to return to its previous all-time high when the dot com bubble popped.
“It might take 11 years for us the crypto industry to recover back to where we were in 2017, but we will be a dramatically different ecosystem at that point. We’ll have millions, perhaps even billions of users,” Hoskinson said in the interview with Cointelegraph.
Another outlook at Bitcoin’s price
The senior market analyst at eToro is offering quite a different outlook and says that Bitcoin is still trading in its support range:
“There’s no need for overreaction here. Bitcoin is continuing to trade within the core area of support between $3,000 and $3,500, within the broader range of $3,000 – $5,000, where it’s been since November 2018.”