Analysts say Bitcoin is not in a bear market

In the last six months the price of Bitcoin has been devalued in a context of high volatility. Opinions are varied, but the idea that Bitcoin is preparing for a new bull rally is getting stronger.

 Analysts say Bitcoin is not in a bear market

Many analysts do not see bearish Bitcoin

According to the analysis of personalities related to the crypto market, the price of Bitcoin has never evidenced a downward trend during 2019. The data found in the Blockchain base the opinions of the analysts, who affirm that the holders hold their positions firmly. despite the volatility of the price of Bitcoin.

PlanB, creator of a Bitcoin price forecasting tool called "Stock-to-Flow", argues that the price of Bitcoin has never broken the historical support found in the 200WMA mobile average. The analyst explains that, since its birth, the price of Bitcoin has increased by an average 3% per month, so there is no reason to think that Bitcoin is in a downward trend in its price.

Another of the analysts recognized in the crypto community is Willy Woo. Woo states that Bitcoin is not in a downtrend but that the price is in a cycle of accumulation prior to a new bull rally. On his official twitter he said: "Are we in a bear market of $ BTC? No, we are in the phase of reaccumulation of a bull market."

Novogratz bet on Bitcoin

The co-founder of Galaxy igital, Mike Novogratz, has said through a post on his official Twitter account that Bitcoin will end at USD 12,000, as part of his predictions for the new year.

Novogratz made a prediction in early May in which he claimed that Bitcoin would exceed USD 20,000 in the next eighteen months. Recent statements seem to mitigate the prediction made in May this year, however it is still an optimistic view of the price of Bitcoin.