There has been a lot of activities in the Bitcoin market with the virtual asset moving from its $3,700 price at the start of the year, to its 2019 high of $13,700 before retracing. CryptoThies, a crypto analyst who has taken note of this movement said in a tweet on July 19, 2019, that it is very similar to the bull run of 2015 and 2017 respectively.
Similarities Between Bitcoin’s Bull Run of 2015-2017 And 2019
According to CryptoThies, Bitcoin’s bull run in 2015 and 2017 can be closely linked with what is happening in the market of recent. In those years, there was a run-up in Bitcoin’s price which was followed by a retracement to touch the peak of the previous high.
In the same vein, the decline in price was between 31 to 40 percent before there was another surge in the asset’s value. CryptoThies, therefore, opined that this same performance is evident in the market today. For openers, Bitcoin declined from its $13,000 price level to the $9,000 and $10,000 price level which was its previous high.
Crypto Community’s Interest in the Next Altcoin Season
Comments which were made on the analyst’s tweet revealed that people are more interested in the altcoin season springing forth. A user opined that the season is triggered when Bitcoin begins to trade sideways after a pump and the last parabola has been broken.
Nonetheless, there is a general belief that the altcoin season is around the corner, whereas no one is sure of certainty when it will begin. Like the prediction for Bitcoin, Paddy stash, a cryptocurrency enthusiast said on July 13, 2019, that altcoins usually spiked after dumping significantly in price which has been the case for the past six years. Thus, the same result can be expected in the current year.
High Expectations for Improved Performance in the Bitcoin Market
That aside, it appears CryptoThies is not the only one who is positive that something good may come out of the recent pullback in Bitcoin’s value. Chonis Trading, a crypto trader on July 19, 2019, also opined that if Bitcoin could lose $4,000 within 8 days, it should not come as a surprise that it regains $1,500 in just two days.
Chonis Trading also said:
“It’s the next $1K move that becomes exponentially more meaningful for overall trend direction… $BTC”
Bitcoin, on the other hand, is valued at $10,600 as at press time with a market capitalization of $189 billion. It is a distance away from its 2019 high, but a 6 percent gain in price in the past 24 hours. The crypto market as a whole, today has shown slight gains.