In the last 24 hours in the cryptocurrency market recovered slightly from $111 billion to $113 billion, but bitcoin grew to $3400.
Other major scriptactive such as Ripple (XRP) and Ethereum (ETH), increased in the range of 3-7% to the US dollar.
After the announcement of a partnership between R3 and SWIFT rumors about potential cooperation and SWIFT Ripple, so analysts attributed the sudden growth of prices for XRP reaction to the rumors.
According to cryptocurrency technical analyst johnny Mo (Jonny Moe), the cryptocurrency market has officially entered its longest bearish period.
After 2013, the cryptocurrency sector has 410 days was in a bear market, then the price of bitcoin dropped from around $1000 to almost $100.
Since the end of December last year, for more than 410 days, the cryptocurrency sector was in a state of constant sales and failed to demonstrate momentum or overcome key resistance levels.
Thursday, January 31, for the cryptocurrency market has come is the same for the duration of a bearish period, which was in 2013-2015. We are 2% below the same depth. I expect that the cycles will become longer and less extreme. This means that the upward movement should last longer (it was), and the downtrend should be longer (TBD). Following the upward trend needs to be less extreme than in 2016 -17 years and, accordingly, longer.
Analysis of Mo does not account for several months consolidating after a bear market 2013-2015, which merchants often called the accumulation phase.
Usually, especially in the cryptocurrency market, the main scriptactive usually are long-term correction and a few months of stability.
In the past three months, bitcoin has experienced a permanent sale. Although he demonstrated a certain stability in the range of $3500 to $4000 in January, the range of risks to break because bitcoin has fallen in the region with low values of $3000.
Cryptocurrency trader Hsaka suggested the probability that bitcoin will recover to the mid $3500 and will avoid testing the support level of $3000. But the lack of momentum in the cryptocurrency market may prevent the main cryptocurrency to recover in the short term.
Earlier analysts such as DonAlt, said that while there is a possibility of a sharp decline in the range of $2000 to bitcoin if the asset is not restored in the region with a low level of $3000.
It seems we are in the last area of purchase before new lows. Take some of my purchases due to the violation of the upper part of the zone. Will add them again if it will be restored. If the green will not be able to hold on to the $3300, I expect a quick drop to $2000. If he keeps $4000, then anything is possible
In the short term, at least until the end of the first week of February, will remain uncertain whether bitcoin to keep the range that it supports since the beginning of January, or fall until a new support level.
In General, both analysts and traders expect the current bear market will be distributed during the first half of 2019 first before you create the proper bottom and the market will begin to recover.
One of the positive factors in the medium-term trend growth of the cryptocurrency sector is that startups think that this crypto-winter was not as bad as the previous correction, even if it is the longest from a statistical point of view.
Co-founder of venture company Boost Brayton Williams (Brayton Williams) told Coindesk:
The investment money is returned to normal, which is difficult to achieve. I think “winter” is greatly exaggerated. We’re back to normal behavior.
If you pay attention to the suggestions of Nasdaq and Fidelity, which they create in the cryptocurrency sector, it is clear that problems in obtaining financing for the industry not that is optimistic.