The middle of February was not a happy period for Bitcoin investors. Cryptocurrency bear market conditions were still prevalent on February 15 as Bitcoin came very close to touching the $3,500 mark after having approached $3,700 during the two previous weeks. Traders were hopeful that the slight boost BTC/USD boost experienced in early February would have continued towards $4,000, but that was not the case.
Traders Watch Bitcoin Bear Market
With no signs of decisive bounce that could boost enough market enthusiasm to trigger a Bitcoin rally, traders who follow technical analysis trends believe that there is still room for the bear market to extend a little more. It should be noted that Bitcoin has been around for 10 years, and this translates into a nice body of market data and history to review. Prior bull market cycles are now easier to evaluate, and they suggest that more time is needed for rally conditions to form; specifically, analysts will need to see another $10 billion invested into Bitcoin before another rally takes place.
During recent CNBC interviews, cryptocurrency fund managers acknowledged the protracted bear market, but they are still confident that a bull market cycle will materialize at some point between now and the year 2020. What everyone seems to be waiting on is the advent of institutional investors, but this may not occur until the United States Securities and Exchange Commission approves at least one of the various exchange-traded fund applications submitted by portfolio managers.