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Crypto Market Holding in Green Before Christmas, Analysts Fearing Downturn in Early 2019

  • Yuri Molchan
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    The crypto market gradually starts reversing a little, although analysts believe Christmas is a break time for the bearish trend, which may resume in Q1 2019


Crypto Market Holding in Green Before Christmas, Analysts Fearing Downturn in Early 2019

As the end of the week has come, the market seems to be holding in the green area. Although, two of the top-ten coins are already reversing – XRP (-0.45 percent) and Tether (-0.38 percent) at the time of writing.

Crypto Market Holding in Green Before Christmas, Analysts Fearing Downturn in Early 2019

The market favourite today seems to be BCH, adding 44.75 percent over the last 24 hours. With the current market cap of $3 819 403 178, it is now trading at $217.97. It is closely followed by BCH SV, which rose by 34.71 percent, now sitting at $127.16.

EOS has gained only 0.46 percent. Litecoin, Stellar and Bitcoin have gained under 3 percent each, with BTC trading at $4 082.27.

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Expert opinions

Overall, Twitter shows that prominent crypto traders are feeling positive, calling the current bullish rally a Christmas break granted by bears. Joseph Young, a U.Today contributing author, is one of them.
 

The Crypto Dog, it seems, expects the Bitcoin rally to keep going.

However, veteran technical trader Peter Brandt believes that the market might be in for a reversal as soon as people all over the planet stop curing their New Year hangover.

He believes that even if Bitcoin goes anywhere higher, like $4,600 at a push, this would be a ‘dead cat bounce’, far from a real reversal to an actual upward trend.

Brandt adds that if Bitcoin drops below $3,000, the likely bottom would be waiting at the $1,200 level, similarly to the situation in 2013 – and all this can happen by the end of Q1 of the new 2019 year.

Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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