It’s quite difficult to see the long-term bullish picture of bitcoin if the top cryptocurrency has been nothing but bearish lately. After a strong first half, the digital asset has shed over 46 percent from its 2019 high of $13,880. All of the bullish steam that bitcoin has mustered at the start of the year is gone. Many analysts are now calling for a massive bull capitulation to $5,800.
Regardless of the recent drop, the dominant cryptocurrency is still up by over 100 percent year-to-date. To long-term investors, that’s a winning asset. That’s why other analysts are predicting that brighter days are ahead for the largest cryptocurrency.
Even though the asset dubbed as digital gold is ending 2019 without a bang, executives in the cryptocurrency industry are positive that bitcoin will have a stronger 2020. For instance, Todd Butterfield, the owner of the Wyckoff Stock Market Institute, believes that bitcoin is still in a bull market despite the 46 percent drop. He told CCN.