Analyst: Crypto Bear Market Could Go from Bad to Worse

Following the crypto market’s latest massive collapse last week, Bitcoin has since regained as much as 10 percent of its price over the weekend, with all the digital assets’ total market cap hovering just above its 15-month low at $110.8 billion, MarketWatch reported December 10.

However, after escalating at roughly $3,600 on Sunday, Bitcoin has since depreciated by 3.1 percent and was pegged at roughly $3,400 on crypto exchange Kraken.

As head of Asia Pacific trading at Oanda Stephen Innes argued, Bitcoin has yet to surpass its nearly year-long bearish trend as the leading digital asset has yet to offer any significant use cases, stating that:

“Bitcoins have gone well beyond the ridiculousness of tulip bulb mania. It’s has been a disastrous year for cryptos, and by all indication, the current bear market could go from bad to worse with no fundamental or underlying reasons to buy BTC even more so when the only support offered up is a squiggly line on an analyst chart.”

Similarly, all other altcoins comprising the crypto market has also dipped in prices on Monday, with Bitcoin Cash down by 4.5 percent at $101.00, Ether by 4.1 percent at $89.30, Litecoin by 3.8 percent at $24.25, and XRP by 3% at 30 cents.

Following the crypto market’s insignificant price rally, Bitcoin futures appear to be also recovering by Monday, with the Cboe Global Markets December contract up by 3% at $3,380 and the CME Group December contract up by 2.9% at $3,395.