December 30, 2019
Two crypto experts believe Bitcoin (BTC) has never been in a downtrend throughout 2019.
They base this thesis on data that indicates that the market-leading cryptocurrency has only strengthened its eleventh year.
Bitcoin investors called “Hodler” also point to this assumption, as they are more committed than ever to their crypto assets.In the long term, there is a clear upward trend
Since September, the price of Bitcoin has actually been falling, with each slight recovery deteriorating again and again.This worried investors and experts.
In the long run, however, it becomes clear that the supposed downward trend is in fact not one.As a result, expert points in cryptography PLAN B , which was the first to use the so-called stock-to-flow model to forecast Bitcoin price trends, points out that the moving average of the past 200 weeks (200-week moving average) never dropped throughout the year is.
He shows it off using a price table, which he published on December 28 on Twitter.
This clearly shows that the 200-week MA of Bitcoin only increased in 2019, so the weaknesses had no significant impact in the meantime.As a result, average course growth stands at 3% or $ 150 per month.Price history versus Bitcoin’s 200-week MA.Source: PlanB, Twitter The market is in an accumulation phase
Bitcoin’s recent slowdown to $ 6,400 has not panicked crypto statistician Willy Woo, who is as optimistic as his colleague about the market leading cryptocurrency.
if sharp Woo Saturday also on a long term horizon regarding Bitcoin price trends.
As a result, the market would now be in an accumulation phase and not in a downward trend:
“Is Bitcoin in a downtrend? No, we are only in the second phase of accumulation of an uptrend.” Phases of cyclical development of the price of Bitcoin.Source: Willy Woo, Woobull.com, Twitter
As part of his reasoning Woo also comments on Bitcoin’s temporary low of December 2018, when the price had dropped to just $ 3,100.
Some voices see parallels with December 2019, but Woo invalidates this assumption because he considers price developments at the time “inorganic”.
“In 2018, the $ 6,000 mark was artificially supported and when smart investors came out, this artificial support was also abandoned, after which the price corrected slightly too much.” Investors are convinced of the strength
The thesis of the two crypto experts is also true in another way, because as Cointelegraph reported, Bitcoin investors are actually more convinced than ever of the strength of the market leading cryptocurrency , which was particularly evident during this year’s climbing game from April 2019.Although the price had skyrocketed from $ 3,100 to almost $ 14,000 at the time, almost No Bitcoin assets were sold during this period.
Finally, this fact also Alistair Milne returned when it showed that 70% of the total amount of Bitcoin in circulation has not been moved in the past 6 months.
This behavior is similar to that of investors before the “halving” in 2016.
What is called “halving” is a mechanism that halves the rate of increase in the amount of bitcoins in circulation at predetermined times.The “halving” coming in May 2020 is considered by many experts to be a catalyst for the price of Bitcoin, as it has been similar in the past.Investors are apparently hoping for such an effect again, as Milne’s data shows.
However, the 2016 halving was only really felt a year later, which is one of the reasons why some experts are also skeptical about the next halving..
Last week, however, Cointelegraph broke down three other reasons that demonstrate Bitcoin’s current strength.
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