{"id":42476,"date":"2019-05-17T07:00:11","date_gmt":"2019-05-17T05:00:11","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=42476"},"modified":"2020-02-19T01:57:05","modified_gmt":"2020-02-18T23:57:05","slug":"history-rhymes-bitcoin-enter-reaccumulation-range","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/history-rhymes-bitcoin-enter-reaccumulation-range\/","title":{"rendered":"If History Rhymes, Bitcoin (BTC) To Enter &#8220;Reaccumulation&#8221; Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Bitcoin Rally May Slow From Here <\/strong><\/h2>\n\n\n\n<p>As Bitcoin (BTC) has finally settled in the $8,000 range, analysts have begun to formulate their opinions about what comes next for the cryptocurrency space. Per Tuur Demeester, a partner at Adamant Capital that recently penned a <a href=\"https:\/\/ethereumworldnews.com\/adamant-capital-bitcoin-in-accumulation-phase-before-next-bull-run\/\">great report on the Bitcoin industry<\/a>, <a href=\"https:\/\/twitter.com\/TuurDemeester\/status\/1129017877581967361\" rel=\"nofollow noopener\" target=\"_blank\">suggested <\/a>that BTC is moving from a phase of &#8220;expansion&#8221; out of a bear market to &#8220;reaccumulation&#8221; just above bear market levels. He posts a chart showing that the cryptocurrency may stay between $6,000 and $10,000 for the coming year, and will then begin to enter a bull market once the block reward reduction activates. <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/twitter.com\/TuurDemeester\/status\/1129017877581967361\n<\/div><\/figure>\n\n\n\n<p>He isn&#8217;t the first to have suggested this. CoinDesk&#8217;s markets analysis division recently noted that Bitcoin recently moved above its 20-month moving average, which was an &#8220;early sign of the bull market in late-2015.&#8221; The last time BTC moved above its 20-month moving average, there were months of accumulation, whereas digital assets traded in a tight range without hinting where they would move next. <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">#Bitcoin<\/a> halving\/cycle guide update:<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$BTC<\/a>\/USD is back to trading above its monthly Bollinger band basis (20-month MA). This happened to be an early sign the bull market had started in late 2015. <a href=\"https:\/\/t.co\/wCwizMkMRW\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/wCwizMkMRW<\/a><\/p>&mdash; CoinDesk Markets (@CoinDeskMarkets) <a href=\"https:\/\/twitter.com\/CoinDeskMarkets\/status\/1129046053863514116?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">May 16, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Pullback Inbound? <\/h2>\n\n\n\n<p>Bitcoin\u2019s monumental surge over the past couple of months has caught traders with their pants down, there\u2019s no doubt about it. Almost no one expected for the asset to pass $6,000, let alone $8,000 in early-2019. Yet here we are, sitting above a level that was a quixotic dream just months ago. Some now claim that it is a perfect time for the asset to retrace.<\/p>\n\n\n\n<p> The last time Bitcoin\u2019s chart looked as it did now, a strong pullback ensued. Analyst Josh Rager recently pointed out that during 2015\u2019s recovery out of a brutal bear market, which was much like the one seen in 2018, BTC bottomed around $200, accumulated around $300 for months, went parabolic to tap $500, and then saw a 40% pullback. What\u2019s more, the three-day Super Guppy, a key long-term trend indicator, didn\u2019t signal a \u201cbuy\u201d (green) until after the pullback. <\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$BTC<\/a> &#8211; 3D chart Super Guppy<br><br>Amazing similarity between the last bear market prior to uptrend<br><br>Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend<br><br>Watching for a potential pullback where I&#39;ll add more to the stack <a href=\"https:\/\/t.co\/JABErMhlMq\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/JABErMhlMq<\/a><\/p>&mdash; Josh Rager \ud83d\udcc8 (@Rager) <a href=\"https:\/\/twitter.com\/Rager\/status\/1127542528083992576?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">May 12, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>But this is just the start of the short-term bearish sentiment. As <a href=\"https:\/\/ethereumworldnews.com\/last-time-bitcoin-technicals-80-percent-drop\/\">reported <\/a>by Ethereum World News previously, the last three times the asset\u2019s one-week chart looked as it does now, 82%, 85%, and 83% drops were seen. More specifically, the last times the Relative Strength Index (RSI), Money Flow Index (MFI), and the Network Value to Transactions Ratio (NVT) sat at current levels, BTC fell dramatically.<\/p>\n\n\n\n<p>He isn\u2019t wrong. As seen in the charts below, when the three indicators reached \u201coversold\u201d levels, as they are now, collapses followed a parabolic rally, like the one just seen. If an 80% decline is seen here, BTC would fall to the $1,700 range. Ouch.<\/p>\n\n\n\n<p>Such a move would put Bitcoin out of a zone of reaccumulation, and may even catapult the space into a period of<a href=\"https:\/\/ethereumworldnews.com\/ethereum-believer-awaits-looming-crypto-nuclear-winter\/\"> &#8220;nuclear winter&#8221;,<\/a> which will be marked by a widespread exodus of investors and projects. But, some are sure that the while the crypto market\u2019s nature is one of intense cyclicality \u2014 booms and busts, parabolic run-ups and heartbreaking drawdowns \u2014 historical price action isn\u2019t indicative of future performance.\u00a0We will have to see though. <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">Photo by\u00a0<a href=\"https:\/\/unsplash.com\/photos\/87MIF4vqHWg?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Kent Pilcher<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/search\/photos\/sunlight?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Rally May Slow From Here As Bitcoin (BTC) has finally settled in the $8,000 range, analysts have begun to formulate their opinions about what comes next for the cryptocurrency space. Per Tuur Demeester, a partner at Adamant Capital that recently penned a great report on the Bitcoin industry, suggested that BTC is moving from a phase of &#8220;expansion&#8221; out of a bear market to &#8220;reaccumulation&#8221; just above bear market levels. He posts a chart showing that the cryptocurrency may [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":42515,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[188,1233,48,83,162,111,270],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/42476"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=42476"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/42476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/42515"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=42476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=42476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=42476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}