The Bitcoin price is sitting at $3,793 at the time of writing, this is a gain of around 3% in the last 24 hours. After a surge in price to $3,780 the price is consolidating around the $3,710 area.
Bitcoin price range bound for 1st quarter 2019
Many analysts have said that the $3,000 to $4,000 range is likely to be the bottom of a year-long bear market for Bitcoin, but that the price will stay in this range for some time to come. Some, including Willy Woo, have suggested that the market may only begin to recover from the third quarter of 2019.
Short-term predictions about the bitcoin price differs wildly amongst analysts, however most agree that the asset is approaching the final part of the of the bear market cycle.
Many believe that bitcoin could drop below the $3,000 mark and achieve a new yearly low. If it does drop below $3,000, the asset may see a similar price movement it experienced in mid-December and begin a big corrective rally triggered by oversold conditions. However many traders believe that the price will trade in the $3,500 to $3,800 range for some time to come.
Noted crypto trader Hsaka tweeted:
“Rejected by source of previous selloff.
Not the most bullish post impulse consolidation.
Watching 3670 for a bounce.”
Rejected by source of previous selloff.
Not the most bullish post impulse consolidation.
Watching 3670 for a bounce. pic.twitter.com/WO7USKPKwC
— Hsaka (@HsakaTrades) January 19, 2019
Bitcoin bulls will be hoping for a breakout to $3,800 level and beyond to shift sentiment across the broader market. However, the longer the tight ranges continue the harder it may be for the bulls to deliver. Whatever happens in the short term the long-term patter described by trader Dave the Wave.
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