Those who stick to the bull market narrative might soon face a rude awakening.
After Bitcoin’s gargantuan 15 percent drop, multiple trading experts claim there is a high probability that the 2019 bull market has already ended.
A 40 percent correction
As reported by U.Today, crypto trader Josh Rager predicted that Bitcoin was likely to end up in the $7,000 area, which would inflict more pain on the struggling crypto market. While big drops are normal even during a bull market, this would definitely become an outlier.
In fact, the top coin has already endured its biggest correction during of all bear market cycles. BTC has dropped by a whopping 43.3 percent correction after reaching a yearly high of $13,870 back in June.
As the bearish sentiment continues to persist, some traders point to similarities between the 2014 bear market and the current market structure. If history repeats itself, the BTC price could dip below the $2,000 level, which will be a new bottom. Furthermore, the chart shows that the price will not manage to rebound even after the next halvening event that is widely believed to be a major catalyst for Bitcoin price growth.
Moreover, the quick rise fall from $14,000 during the peak of the Libra hype proves was typical for a bear market, and it will be tough to spot a new bottom.
What happens next?
At the time of writing, the BTC price keeps hovering above its 200-day moving average (200MA) at $8,397, but this ironclad support will be getting weaker with each passing day unless Bitcoin makes a decisive move.
Bitcoin has to bottom out at $8,000 for the bulls to take control once again, but a drop below the anticipated drop below the lower Bollinger Band (at $7,700) would pretty much confirm a long-term bearish trend reversal.
While the battle is far from being over, it’s safe to say that the bears have definitely won this round.