Bitcoin (BTC) registered a new positive month after six months in which its price fell. In this way, this is the fifth consecutive year in which February operates positively. There are several traders that believe that the bear market for the crypto space has already ended. Analysts, however, have different points of view regarding the near-term future of Bitcoin.
Bitcoin Grows 11 Percent in February
After six months in which Bitcoin was falling and falling, February has ended in the green region. The price of the most valuable digital asset in the market grew 11 percent during this month. According to CoinMarketCap, Bitcoin started February close to $3,440 and ended the month around $3,855.
Back in December 2017, Bitcoin reached its all-time high at $20,000. Nevertheless, once it reached that price, the most popular digital asset fell abruptly. Since that moment, Bitcoin lost more than 80% of its price. Other digital assets have also fallen after reaching their respective price records at the beginning of January 2018. Most of them registered bigger losses than Bitcoin.
2019 seems a different year for this virtual currency. There are many new infrastructure projects, new investors have learned about Bitcoin and how it works and there are new developments taking place in the space. Thus, Bitcoin growing in February is very important for the sentiment in the market.
Although the market is not expected to start growing exponentially now, this shows that there is a larger interest in Bitcoin. Nevertheless, there are several investors and enthusiasts that believe that the bear market is not over yet.
According to Murad Mahmudov, Bitcoin could fall a lot further. He mentioned that the Tweets about Bitcoin are at the same level as in 2014 and that they are lower than at any point in 2016. He said that this is an absolute disaster for the price of Bitcoin in the medium-term. This does not mean, however, that Bitcoin will not be growing later in the future.
About Bitcoin’s future, Mahmudov said.
“This bear market will last for much longer. Those that are building, learning, studying right now, of course, will be handsomely rewarded in 2023/24.”
For the long term, Bitcoin remains bullish for most of the investors. A few days ago, we wrote at UseTheBitcoin that investors think that Bitcoin is going to reach between $100,000 and $1 million in the next few years. Whether this is going to be in this way remains to be seen.
At the time of writing this article, Bitcoin is traded around $3,800 and it has a market capitalization of $67.74 billion.
