Chinese analysts expect the current bitcoin bear market to continue in 2019, contradicting the bullish projections of crypto bulls like Mike Novogratz, who predicts that the bitcoin price will hit record highs this year.
“In 2018, bitcoin became an investment black hole,” according to the state-run Beijing News. “Entering 2019, bitcoin prices are still showing signs of decline, and there is no obvious rebound.
For bitcoin’s trend in the new year, pessimism is more dominant.
Xiao Lei, a currency policy analyst, attributed the Crypto Winter to the meteoric price spikes that virtual currencies experienced in 2017, saying such explosive growth was unsustainable. As a result, the market reacted by tumbling.
“The price of bitcoin rose more than 20 times in 2017. That increase is definitely unsustainable,” Lei says.