According to Peter Brandt, an experienced and widely recognized technical analyst, major crypto assets such as bitcoin has recovered by more than 75 percent since 2018 lows.
Bitcoin Cash and Litecoin have been the best performers in 2019, respectively rising by 383 percent and 350 percent against the U.S. dollar from last year’s lows.
While many factors are said to have triggered the recovery of major cryptocurrencies, both industry executives and technical analysts generally believe that a bottom for crypto was reached in late 2018.
Cautiously Optimistic Regarding Bitcoin
On Sunday, CCN reported that year-to-date, bitcoin has outperformed the S&P 500 and the Nasdaq 100 as one of the best-performing assets following an 80 percent decline in price in the previous year.
Throughout the past month, almost immediately after surpassing the $4,200 resistance level which bitcoin has struggled to test for over three months, bitcoin has demonstrated strong momentum that also translated to solid performances for alternative cryptocurrencies.
In the near-term, some technical analysts are positive that the dominant cryptocurrency would be able to sustain its momentum but remain cautious on its trajectory in a short time frame.