Since reaching its all-time high in December 2017, things have taken a turn for the worst for Bitcoin (BTC). The cryptocurrency experienced shattering losses over the course of 2018, falling to as low as $3,100 — almost exactly a year after reaching its peak.
As of December 2018, Bitcoin appears to be recovering — gaining over 70 percent since reaching its 2018 low. The market leader is currently hovering around $5,300, with the community being somewhat divided over whether it will continue to climb or get rejected in the immediate future.
To address the situation and get an overview of the current cryptocurrency market sentiment, YouTuber and market analyst Tone Vays held a five-hour long debate — in which fellow traders and cryptocurrency personalities discussed whether Bitcoin hit bottom at $3,100.
Is the bottom in, final figures…
% probability Bitcoin has bottomed:
— Willy Woo (@woonomic) April 20, 2019
In the debate, three bulls were pitted against three bears — with technical analysis, fundamental analysis, and personal opinion being used to help tease out whether Bitcoin is likely to make a comeback this year.
According to the debate, four of the six guests believe that Bitcoin’s bottom is in — with Willy Woo, Murad Mahmudov, David Paul and Tuur Demeester holding this view. Tyler Jenks and Venzen Khaosan were of the opinion that either the bottom isn’t yet in or that it’s too early to tell.
Of these guests, entrepreneur Woo was the most bullish on the situation — predicting with 95 percent certainty that Bitcoin would not fall below $3,100 again any time soon. Jenks was the most bearish, arguing that there is just a 20 percent chance that Bitcoin will remain above $3,100.
Throwing ice on the situation, Vays posits that there is just a 40 percent chance that Bitcoin will not seek new lows below $3,100. He does, however, state that he may become a short term bull if Bitcoin breaks above $5,300 — though he insists that BTC has been “flirting with the $5,300 zone way too often” and has “yet to capitulate from a fundamental perspective.”
Overall, with the great majority of opinions being bullish, it appears sentiment is positive on the cryptocurrency. That being said, with a market still in a more than 70 percent decline from its all-time high, there is still a ways to go before Bitcoin can be considered fully recovered.
What is your opinion on Bitcoin? Are we going to see a monumental recovery this year? Or does further trouble lie ahead? Let us know your thoughts in the comments!
Images courtesy of Twitter.