Could Bitcoin Initiate a New Bull Cycle by 2019?

In the last 24 hours, the cryptocurrency market recovered by $4 billion as the Bitcoin price rebounded above $3,700.

Several major crypto assets in the likes of Ethereum and TRON have recorded large gains on the day, rising by more than three percent against Bitcoin.

Even if the price of Bitcoin and other crypto assets continue to decline substantially in the first two quarters of 2019, one trader sees the market massively recovering by the end of 2019.

Generally, analysts in the cryptocurrency space expect the correction of the asset class to be extended throughout the first half of this year.

Since November 2017, Bitcoin has shown a lack of momentum, struggling to break out of key resistance levels in the $5,000 to $6,000 range.

The lack of strength in the short-term trend of the dominant cryptocurrency has led other digital assets, especially cryptocurrencies with low market caps and volumes, to perform poorly against the U.S. dollar.

History Suggests Recovery in Near Future

Still, in the latter half of 2019, one cryptocurrency technical analyst with an online alias “Galaxy” said that based on the historical price movement of Bitcoin, the asset could demonstrate large gains in 10 to 12 months.

The analyst said:
‘The future lies in the study of the past’ We’re approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019.

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