Cryptocurrency Market Officially In Longest Bear Snooze In History (ccn.com)
In the last 24 hours, the crypto market slightly recovered from $111 billion to $113 billion as Bitcoin rebounded to $3,400.
According to a cryptocurrency technical analyst Jonny Moe, the cryptocurrency market has officially entered into its longest-ever bear market.
In 2013, the crypto sector engaged in a 410-day bear market during which the Bitcoin price dropped from around $1,000 to nearly $100. Since late December, for more than 410 days, the cryptocurrency sector has been in a steep sell-off, unable to demonstrate momentum or break out of key resistance levels.
Thursday marks the same length of time as the 2013-2015 bear market.
Typically, especially in the cryptocurrency market, major crypto assets tend to go through a long-lasting correction and a few months of stability thereafter.
The lack of momentum in the crypto market may prevent the dominant cryptocurrency from recovering in the short-term.
Generally, both analysts and traders expect the current bear market to extend throughout the first half of 2019 before a proper bottom is established and the market begins to recover.
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Related story: Ethereum Price Analysis: ETH Bullish In Short Term Above $106 (newsbtc.com)
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CN [too long; didn’t read]
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