FREE now SUBSCRIBE Invalid email Make the most of your money by signing up to our newsletter fornow We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

Bitcoin began 2019 is a relatively buoyant state and even displayed rare signs of stability. However, the flagship cryptocurrency soon returned to its turbulent ways and nosedived in value in the early hours of today, Monday, January 28. But some bitcoin traders believe there are actually optimistic signs, after analysing the BTC moving average.

Moving averages are calculated by adding the closing price of bitcoin for a number of time periods and then dividing this total by the number of time periods.

Bitcoin has traditionally started pumping around one year on average before it’s halving date Trader Moon Overlord

Alex Melen, an American cryptocurrency trader, recently touted reasons for bullish sentiment relating to bitcoin. Mr Melen pointed out how the last time that bitcoin crossed under the 50 and 200 moving average across four days was when 2014/2015’s bear marked finally bottomed. When a currency bottoms out, it means the stock has reached its low point and could be in the early stages of an upward trend. READ MORE: BTC and crypto mining ‘uses DOUBLE the energy required to mine GOLD’

Bitcoin price news: Some traders believe there are optimistic signs for the crypto

BTC price news: The bitcoin moving average could be a reason for bullish sentiment

And this potentially auspicious event has struck bitcoin again. So there is a chance bitcoin could find a longer-term bottom in the coming weeks and months, as parallels continued to be drawn between the cryptocurrency’s previous and current price conditions. And Moon Overlord, a pseudonymous crypto trader, is also an optimistic pundit believing that a bottom is on its way. Moon Overlord has cited historical analysis to express: “Bitcoin has traditionally started pumping around one year on average before it’s halving date.” READ MORE: Bitcoin WEAKENING as PLUNGE APPROACHES – but here is why you should not panic

And as the next issuance shift is slated to occur during May 2020, BTC could begin trending higher in only a few months. However, while the aforementioned comments make it seem like a rally is imminent, others are less confident. Anthony Pompliano of Morgan Creek Digital recently noted that although BTC is unlikely to fall further – less than $3,000 is possible – this market is not yet ready to run. The decentralist, who has been overtly skeptical of banks, noted that instead of falling further, BTC may begin to range trade, potentially between $2,500 and $4,500 for much of 2019. Pompliano’s comments came weeks after Fred Wilson, a leading venture capitalist, took to his personal blog to remark that the broader crypto market may take much of 2019 to bottom out. READ MORE: Bitcoin price news: Crypto FLOP as bitcoin plunges AGAIN

Bitcoin price news: Could we be in the early stages of an upward trend?

Bitcoin price news: There is a chance bitcoin could find a long-term bottom