A lot of cryptoanalysts express their overall positive outlook on the near-term BTC value on its way to the end of 2018, being sure that the popular digital asset has found its bottom.
As of now, BTC and most of the digital currencies are without a doubt in a bearish trend. Since its all-time peak, BTC price is still in 79% drop and the remainder of dominant digital currencies like ETH and XRP have dropped by approximately 89% from their all-time peaks.
Two days ago, while the ETH value moved upwards by over 51% versus the USD, Alex Kruger, an economist and a renowned cryptotrader stated that a week ago ETH dropped by 94 percent from its all-time peak. Currently, subsequent to a 52 percent growth, ETH is down 91 percent from its all-time peak.
For financiers to have a reason to have faith that digital currencies are not in the bearish trend anymore, cryptocurrencies would need to grow by at least 20-30% versus the USD.
BTC, for example, is presently priced at approximately 4,200 USD on fiat-to-crypto platforms. Even though the currency has performed a breakout from some resistance levels over 4,000 USD, it is crucial to break out from the level of 5,000 USD to provide a confirmation of an actual bullish sentiment overtaking the cryptomarket, according to Willy Woo’s recent statements.