On the 17th of December, 2018, Bitcoin was priced at $3288, and that was one of the lowest price points since recording its all-time high on 17 December 2017. The rest of the altcoins traded way below their predicted prices. However, 2019 brought a little hope to the investors.
Though Bitcoin and the other cryptocurrencies did not break out in a sudden surge as it did a year ago, it is slowly moving up the price curve. The question is: is this the right time to enter the cryptocurrency market since all the big guns are showing signs of price surge?
Pattern Analysis and Momentum Gathering
Since the Bitcoin performance usually has a spillover effect on the altcoins, I will use the Bitcoin historical chart to make a point. When the Bitcoin price chart is analyzed critically, it becomes apparent that the cryptocurrency does not make two separate crash consecutively.
After one long fall, the price becomes steady for a while before surging even higher than its all-time high. On 10 January 2014, Bitcoin recorded over $800 price point, and that was almost the highest it ever tasted in five years after its inception. Right from then, it fell drastically to as low as a little over $200 and later became steady for a while. Throughout 2015, Bitcoin remained steady before breaking out in the last quarter of 2017.
Between 25 November 2018 and today, 25 February 2019, the Bitcoin price has been very stable as it experienced back in 2015. The cryptocurrency has traded between a little over $3100 and $4100 for the past three months.
If the historical nature of the price is anything to go by, then there is a likelihood that the cryptocurrency price will get back on track. However, analyzing a coin based on its historical price curve is not 100% reliable. No price prediction based on any so-called analysis is 100% reliable.
One other indicator of a possible incoming bull run is the September 2017 price stability. The Bitcoin price hovered between $3000 and $4000 on that month before taking a swift move on October 2017 before recording a near $20,000 price range on December 2017.
Is This the Right Time to Enter the Market
The answer is Yes and a No. Yes! because the cryptocurrencies are showing a positive growth rate after remaining stable for a while. At this point, most of the promising currencies are trading at a lower price, and this seems to be the lowest it could reach. Regardless, the market is still highly speculative, and anything can happen in the cryptocurrency world.