A Long Eight Months!
It’s been a tough eight months, full of false hope, fear, and greed. Many are now disgruntled by this crushing bear market, with every rebound becoming a dead cat bounce.
Altcoins are being hit hardest, with an average price pullback being anywhere from 70%-90%, especially ICO tokens with limited liquidity or a lack of valid product or service.
For the short-sighted and late buyers, it’s hard to hope for a return to December 2017 highs. Early birds who bought before Bitcoin ever reattempted $1,000 are holding firm, despite Jamie Dimon’s latest criticism, ETF hype, and government scare tactics.
When Will Bitcoin Reverse Back Upwards?
There could be hope for speculators to hold onto. Analysts on TradingView have a theory that on average, a Bitcoin bear market lasts around twelve months and turns bullish roughly after a pullback of 75% below all-time highs. For this to be true, Bitcoin will need to further decline towards the $5,000 region.
This could explain the current sideways movement in Bitcoin’s price between $6,500-$8,000. Other cryptocurrencies will also likely be pulled back and forth, as altcoin trends are influenced by Bitcoin.
As the cryptocurrency slow, downward spiral continues, it creates opportunities for those with long-term objectives and plans to monopolize the space.
Big Players Getting in Position
While the public panics, the big institutions in technology and finance are quietly entering the blockchain sector. Some of the key players include:
On top of that, according to press releases, Atlanta-based New York Stock Exchange owner Intercontinental Exchange (ICE) plans to launch a digital asset platform and a “physical” Bitcoin futures platform.
“In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.” – ICE Press Release
Coinbase is also expanding operations during this bear market. Coinbase announced several days ago on its blog that it will be exploring up to forty different cryptocurrencies for integration into its new custodial service, Coinbase Custody.
None of the coins mentioned in the announcement are guaranteed to be listed, although Ripple (XRP) fans will be relieved to see Coinbase hasn’t forgotten them. Other popular coins, such as DOGE, DASH, NEO, and EOS are being considered, and Coinbase is currently in the process of adding Ethereum Classic to its retail platform.
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading.” – Coinbase
Disclaimer: This is not investment advice. Please conduct critical research before investing in volatile assets such as cryptocurrencies.