The cryptocurrency bull period was short. It lasted for around 8 days after Bitcoin failed to break above $4,100 for the third time in the past 4 months. According to technical analysis, bearish sentiments has gripped the market as the bottom hasn’t been confirmed yet.
Latest to confirm these reports is the prediction by Justin Sun. At the Binance Charity event for ALS association, Justin Sun, the founder of Tron, said Bitcoin would be trading between $3,000 – $5,000 in the entirety of 2019.
According to Justin Sun, the cryptocurrency markets have bottomed out. But that market is still lacking the breakthrough ideas, that would justify the price increase.
“I think it is already the bottom, and the bear market is over. From now on for three to five years, it is now an absolute low. For this year, I think Bitcoin will fluctuate between $3,000 and $5,000. The opportunities for market breakthroughs this year include the explosion of the DApp ecosystem, the large-scale application of the lightning network, and the three major opportunities for BitTorrent’s 100 million users to enter the cryptocurrency market.“
Bitcoin is currently trading at $3,877 a 0.71% from the past 24 hours. Traders still speculate that the cryptocurrency markets haven’t bottomed yet. Many traders believe the markets will bottom out later this year.
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