A group of cryptocurrency analysts has identified new market trends, signaling what they believe is the imminent end of the Bitcoin “bear market.”
From Selling to Stocking Up
In a selection of charts uploaded to social media May 23rd, the group, known on Twitter as “The Crypto Fam,” determined BTC/USD was coming to the end of a three-cycle bearish phase which began in mid-December 2017.
According to the findings, institutional investors were “clearly stocking up” on Bitcoin prior to the all-time highs seen at the time. They then began selling in waves, resulting in three peak-and-trough cycles, each less severe than the last.
The Crypto Fam writes:
The bear market has consisted of 3 major drives down, represented by black arrows in the chart below. We are currently in the midst of the 3rd drive down, awaiting a bottom.
1/ THE BITCOIN BEAR MARKET: A brief thread pic.twitter.com/1mOoYYIBHU
— The Crypto Fam (@TheCryptoFam) May 23, 2018
‘All Signs’ Suggest ‘Imminent End’
The comments come at a time when Bitcoin prices are dropping for a fourth time, losing 13% since May 20th to currently circle around $7400 on major exchanges.
Sources have attributed the lackluster performance of the cryptocurrency in 2018 to various factors, including Mt. Gox investor funds sell-offs, regulatory pressure, and even more institutional investors “waiting on the sidelines” for the perfect entry moment…