Since Bitcoin (BTC) began to stumble in early-2018, posting losses that would even make gamblers cringe, many skeptics of digital assets have claimed that the cryptocurrency is on a path of failure. In fact, cries that Bitcoin is in the midst of its death throes even sparked a scathing op-ed ‘exposé’ from MarketWatch, in which the author stated that Satoshi Nakamoto’s creation would enter a so-called “death spiral” to fall to $0.
While Andreas Antonopoulos, along with some of the crypto sector’s other fervent crusaders, debunked this so-called FUD (fear, uncertainty, and doubt), some cynics are adamant in their belief that BTC and its altcoin brethren will plunge to zilch. In fact, at Davos’ recent World Economic Forum convention, blockchain venture investor Jeff Schumacher noted that the flagship cryptocurrency would likely fall to null, especially as its value is “based on nothing.”
Yet, a leading crypto trader recently made it abundantly clear that this bone-crushing bear season won’t last forever.
Current Bitcoin Bear Season Now Longest Ever
A mere week ago, NewsBTC reported that Galaxy, a leading, well-followed crypto trader, took to Twitter to let his/her followers know that BTC was approaching the 420-day milestone of its current bear market. For those who missed the memo, the 2014/2015 downturn amounted to 420 days. And as such, Galaxy concluded that if history was to rhyme, BTC could move higher to start a bull rally in mid to late-2019.
Yet, in a tweet posted Friday, Galaxy divulged that history has just been created, as BTC entered its [421st] day in the current bear season — “the longest since Bitcoin was born.”
This newfangled, disconcerting industry trend was only underscored by the fact that according to Bloomberg, BTC posted six months of consecutive losses for the first time… ever. Per a report from the outlet, according to data from Dow Jones, which dates back to July 2010, BTC started a renewed collapse in August and hasn’t stopped falling (from a monthly candle perspective) since.
While history was seemingly made on Friday, Galaxy made it clear that while he can’t predict when this downturn will end, he is sure that it cannot last forever. Galaxy even added that it would be wise to focus on the long-term, rather than day-to-day price action.
Galaxy isn’t the only industry insider to hold the belief that BTC won’t eternally be trapped in a death spiral or trend of similar caliber. According to previous reports from this news outlet, Alex Pack, the managing partner at Dragonfly Capital Partners, explained that while prices may not reflect his sentiment, the cryptocurrency achieved a major milestone in 2018.
Pack explained that while BTC could fall to $2,000 or even $1,000, it would be preposterous to assume that the asset could collapse to $0, as the cryptocurrency has developed a material value proposition. The investor, who heads the aforementioned crypto-centric venture capital group, added that this non-zero chance that Bitcoin will always have value is a “milestone.”
The Dragonfly managing partner noted that Bitcoin, a “landmark in the history of money,” has become a “dependable store of value.”
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