When Bitcoin surges in price, its sudden movement draws a lot of attention and when it dumps, it hardly goes unnoticed. In the month of June, there has been a lot of sentiments regarding Bitcoin’s sudden downtrend just after it went up parabolically. ‘Rekt Capital’, a trader & technical analyst has also noted that despite people’s opinion that we have not entered the bull market due to Bitcoin’s decline in price, altcoins have been surging in the past few weeks.
Crypto Enthusiasts’ Doubt That the Bear Market is Over
In a tweet on June 10, 2019, Rekt Capital stated that people have begun to doubt that we’re actually in the bull market due to Bitcoin’s stoppage of its upward parabolic movement. He also noted that despite the downtrend in the price of the top cryptocurrency by market cap, a good number of altcoins have surged in price over the past few weeks.
Responses made on Rekt Capital’s tweet show mixed feelings. A user, for instance, said in a time like this, investing in altcoins is the way to go. Another opined that the downtrend calls for more Bitcoin to be purchased. It can be assumed that the latter represents a class of users who expect the virtual asset to spike higher from its current price.
Crypto Market Still Holding Firm Despite Downtrend
The crypto market, on the other hand, has taken quite the beating even though it has shown that it is not giving up without a fight. For example, Bitcoin which dumped to $7,600 on the 10th of June is currently trading close to the $8,200 price level. As of press time, it is valued at $8,155 and has a market capitalization of $144.7 billion which is significantly higher than the $136 billion it was valued at two days ago.
As expected, the market is also looking green with the first top 20 cryptocurrencies posting gains of over 5%. Amongst them, Cardano, the eleventh largest crypto asset by market cap has recorded the most gains at 12.07 percent. It was previously trading around $0.083 hours ago but is currently valued at $0.093 and looks set to hit $0.1 if the bullish momentum continues striving upwards.
Bitcoin Proponents’ Confidence that the Bear Market is Over
Quick recovery of this nature especially after a slight fall in price, has led to the belief that the bear market is over. The latter is the opinion of Bitcoin proponents such as John McAfee who stated on April 2, 2019, that the bow of the bear market had been stretched to its limit, and now, we can watch the arrow spring to life.
Willy Woo, an on-chain analyst also carried out a survey on April 22, 2019, to ascertain if the bottom is in for the bear market. The likes of Mike Novogratz, CEO of Galaxy Digital who responded said there is an 85 percent chance we won’t see new lows.