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The Bear Market Cannot Last Forever Says Cryptocurrency Trader

ยท 04 Feb 2019 in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The cryptocurrency trader @Galaxybtc wrote on Twitter that the bear market in which we are cannot last forever. His comments are very important since the crypto space has been in a bear trend since December 2017. During 2018, virtual currencies lost more than 80% of their value. In some cases, tokens lost more than 99% of their price.

Bear Market Cannot Last Forever

@Galaxybtc seems very positive about the future of the space. He wrote on Twitter that we have more than 411 days in a bear market. This is the longest bear trend since Bitcoin was born ten years ago. Additionally, there is no clear date for this bear trend to end.

Bitcoin was traded around $20,000 back in December 2017. At that time, the hype in the market was very high. Indeed, everyone believed that Bitcoin was going to reach $100,000 or even more. Nevertheless, this didn’t happen. Bitcoin plummetted down to $3,250 in December 2018. That represents a price decrease of 82%. Ethereum (ETH), XRP and Litecoin (LTC) experienced similar trends during the last year.

@Galaxybtc wrote about it:

“Today, we’re creating history with 411 days of the bear market and the longest since Bitcoin was born. No one can tell us exactly when is going to end, but it is important to remaining focused on the long-term and remember that it cannot last forever.”

In another tweet, he mentioned that those that keep in the market are survivors with a ‘nice story to tell.’ He went on saying that this looks like the right moment to accumulate and to stick with projects that had a constant development during the last years.

Bloomberg reported that Bitcoin registered six months of consecutive losses for the first time ever. Since August, according to data from Dow Jones, Bitcoin has been falling each month.

Alex Pack, the managing partner at Dragonfly Capital Partners, said that although the price is not showing it, in 2018 Bitcoin achieved a major milestone. For him, it is a milestone that Bitcoin has a non-zero chance that it will always have value. Jameson Lopp, the CTO at CasaHODL, mentioned that Bitcoin had a very good year in terms of fundamentals. He took into account for his analysis the development of the Lightning Network (LN), Bitcoin’s Hash Rate, and many other things.  

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