Is Bitcoin Set for Another Bull Run in 2019?
The mainstream hype surrounding cryptocurrency has cooled, but reports of its demise appear to have been greatly exaggerated. After a difficult 2018, including substantial drops in value in November of that year, bitcoin has rebounded well in 2019, and while the inherent volatility of crypto is always in play, Bloomberg reported in early May that market researchers Fundstrat Global Advisors suggest investors should buy more – especially with a pullback looming.
Robert Sluymer, a technical strategist at Fundstrat, advised investors on May 2 to “use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance.” Sluymer characterized bitcoin’s recent trajectory as “the early stage of a longer-term recovery developing,” evidenced by a “breakout from its first-quarter trading range” and “rebound from its 200-week moving average,” said the Bloomberg report.
Bitcoin has had a good May so far, reaching as high as $8,300 on May 16. A segment of analysts believe strong performance will continue into 2020, potentially reaching a new all-time high of $20,000-plus, Fundstrat’s Tom Lee told CNBC. Lee and Fundstrat believe a variety of factors are responsible (and continue to bode well) for bitcoin’s long-term prospects, including political and economic upheaval in Venezuela and Turkey leading to increased adoption, bitcoin closing above its 200-day moving average in April, a golden cross of the 50-day and 200-day moving averages, and consensus “among ‘original’ bitcoin bulls that the bottom has been put in.”
If Lee is to be believed, bitcoin is in the midst of an ongoing growth and stabilization process. “I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto holders,” Lee told CNBC. A recent MarketWatch report seemed to echo this opinion – while Google searches for bitcoin lagged behind their late 2017 levels, experts believe that this has more to do with bitcoin being a better-known quantity than at that time. “The recent bout of strength is not retail driven,” said Jeff Dorman, chief investment officer at crypto-focused asset management firm Arca. “There’s some big family offices, direct buying in the OTC [over-the-counter] markets and the hedge-fund space. They are certainly not Googling bitcoin.”
Bitcoin has proven its volatile nature time and time again, which means taking its recent growth with a grain of salt. But bitcoin has also shown itself to be resilient – with increasingly strong fundamentals and positive market behavior, the “bullish longer-term technical profile [that is] developing” portends for additional gains in 2019 and beyond.
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BTC.X's Stochastic Oscillator remains in oversold zone for 2 days
Be on the lookout for a price bounce soon.
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where BTC.X's RSI Indicator exited the oversold zone, of 30 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 445 cases, the price rose further within the following month. The odds of a continued upward trend are .
BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on March 09, 2025. You may want to consider selling the stock, shorting the stock, or exploring put options on BTC.X as a result. In of 141 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for BTC.X turned negative on March 08, 2025. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 61 similar instances when the indicator turned negative. In of the 61 cases the stock turned lower in the days that followed. This puts the odds of success at .
The 10-day moving average for BTC.X crossed bearishly below the 50-day moving average on February 09, 2025. This indicates that the trend has shifted lower and could be considered a sell signal. In of 19 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for BTC.X entered a downward trend on March 04, 2025. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
