Bitcoin Bear Market Over, Claims Tron’s Sun
While Bitcoin underwent a drastic drop on the weekend, falling $400 within a matter of an hour on Sunday, BTC remains far above the levels it reached in mid-December 2017. Thus, many have begun to argue that there’s a high likelihood that the cryptocurrency asset class is nearing a bottom, or has established one already. Although many calls that the bears are done with their bloodshed have been made by optimistic common Joes and Jills, Justin Sun, the chief executive of the Tron blockchain project, threw in his hat on the matter just recently.
Sun recently commented on the Bitcoin bottom during an interview with Huoxing24, a Chinese cryptocurrency outlet. Speaking to the media portal alongside Binance’s Changpeng “CZ” Zhao, Sun noted that in his eyes, a bottom has already been established in this market, adding that the bear market could be over. In fact, he noted that BTC’s collapse to $3,150 on December 14th will be the “absolute” lowest price point the flagship cryptocurrency will touch for “three to five years.”
Don’t Expect A Rally Just Yet
Sun seems to be sure that BTC has found a semblance of a floor, but he made it clear that he doesn’t expect for crypto assets to rally in the near future. The Chinese entrepreneur, whose project was recently dubbed the “hottest cryptocurrency” by Bloomberg, noted that he expects for the Bitcoin price to “fluctuate” between $3,000 and $5,000 for much of 2019. Interestingly, the former Ripple employee isn’t the only industry commentator to have made such comments.
Fred Wilson, the co-founder of Union Square Ventures, took to his popular personal blog at the start of 2019 to explain that this year will see a number of “bullish runs, followed by selling pressures” will bless cryptocurrencies with their presence. The selling pressures, he explained, could potentially bring BTC to retest its year-to-date low at $3,150.
Morgan Creek Digital’s Anthony Pompliano has also issued similar quips on a number occasions. Per previous reports from this outlet, Pompliano, a former team member at both Facebook and Snapchat, stated that BTC may begin to range trade potentially between $2,500 and $4,500 for much of 2019.
In spite of this short-term skepticism, the Tron founder, a purported mentee of Asia’s Jeff Bezos, Jack Ma, went on to draw attention to a number of factors that could push this space higher in the long run. Like many other crypto investors looking for catalysts, Sun mentioned the growth in DApps (especially on Tron’s chain), the widespread application and adoption of the Lightning Network, and the launch of BitTorrent’s cryptocurrency and blockchain offerings.