Cryptocurrency Bull Run – Coin Observatory
2019 is It Over or Has It Begun?
2019 has been a good year for Bitcoin, but the rest of the cryptocurrency market has struggled. In this publication, we will attempt to clarify if BTCUSD’s run earlier this year just an anomaly, or if there’s something bigger brewing.
On March 31st of 2019 in our publication titled “Bitcoin Price Action & Heading”. We highlighted that our team was net bullish on Bitcoin and we concluded the article with “our bullish Bitcoin target at $4,700. More importantly, 4 pm CST today and this coming week could mark new beginnings for the Cryptocurrency market.” Sure enough two short days later, Bitcoin experienced the first $1,000 up candle and the bull run was on!
On July 13th we published once again, claiming that Bitcoin was losing steam, and highlighted three bearish targets.
Since then and as of writing this publication, BTC’s price has declined -29% and reached all 3 of our targets, and even at one point rang a lower low at $7700.
The fantastic BTC run from $3,000 to $14,000 didn’t positively impact the rest of the space. Altcoins suffered severe losses in BTC value. And most even struggled to maintain their USD values. The stronger Bitcoin surged the harder altcoins fell. Lack of liquidity in the order books triggered all the stops, and altcoins registered new low after new low.