Memories of the last Bitcoin bear market are still fresh in the market. Bitcoin is yet to fully recover from the effect of the bear market experienced after the crypto high in 2017.

Now, it is possible that Bitcoin could face another bear market season based on the technical analysis of an 89-week EMA.

According to Mr. Anderson, a fall below the 89-week EMA would result in a deep bear market. Judging from the events of the last bear market, it will take even more time for Bitcoin to recover if this were to be the case. Another bear market would hurt the development Bitcoin has made this year.

Similarities With the 2014 Dip?

$BTC 89-wk EMA

In June 2018, I began posting & making videos about the 89-wk EMA. At the time, you never heard a word of the 89-wk on CT. Which was simply a sign of the lack of real TA that existed

If you used only one line on $BTC. This is the one. Losing her means a DEEP BEAR pic.twitter.com/d6WoL3NkDL

— Mr. Anderson (@TrueCrypto28) October 23, 2019

A glance at the trend shows a similar dip, as was experienced back in 2014.

However, much has changed since then. The Bitcoin market has matured over the years. Investment in the cryptocurrency is now shifting from individuals to groups and institutions. With new traders and investors in the cryptocurrency, history may not quite repeat itself in this scenario.

Further, there are other exciting prospects, such as the halving, which may keep Bitcoin above the EMA.

What Lies Ahead For The Markets?

Traders are changing tact as Bitcoin investment becomes more of a long-term commitment.

Various analysts are giving long-term price predictions concerning the cryptocurrency. It is expected that with institutional investments, the push for a Bitcoin ETF, and the upcoming halving of Bitcoin mining rewards, the price of Bitcoin will increase.

The imbalance between demand and supply of Bitcoin is expected to push Bitcoin to a new all-time high.

Having this in mind, it seems unlikely that Bitcoin may slip into a bear market shortly. Nonetheless, a lot can change when it comes to trading.

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