Bitcoin price (BTC/USD) inches closer to $3,800 on Tuesday morning

The Bitcoin price (BTC/USD) has edged higher on Tuesday morning, in an effort to reclaim the $3,800 level it gave up on Monday.

The original cryptocurrency had a poor morning session on Monday, with its price plunging to a two-week low of $3,733.75. The decline was part of a larger cryptocurrency downswing, which affected most major digital coins.

BTC made a tentative attempt at reclaiming the $3,800 level in the afternoon, but its advance came to an end around the $3,780 mark. The coin eventually finished the session at $3,761.56, well below its opening price of $3,845.09.

Following some lacklustre trading at the start of today’s session, Bitcoin has managed to pick up in the past few hours and is now seemingly trying to put the $3,800 mark under pressure. At the time of writing, the Bitcoin price was hovering around $3,780, having risen to a high as $3,791.47 earlier in the session.

While Bitcoin, as well as the wider crypto market, has so far been unable to recover from the disastrous 2018, analysts suggests that the cryptocurrency may already be on the path to recovery, although the journey could be a long one.

As reported by online publication MarketWatch, Canaccord Genuity Capital Markets has published a chart showing that over the 2011-2015 period Bitcoin experienced similar trading patterns to the ones observed in the past four years.

“Looking ahead, if bitcoin were to continue following the same trend as in the years 2011-2017, the implication is that bitcoin would be bottoming approximately now and would soon begin climbing back towards its all-time high of ~$20,000, theoretically reaching that level in March 2021,” analysts Michael Graham and Scott Suh wrote in a research note to clients, as quoted by MarketWatch.

“Although there are different dynamics at play this time around compared to four years ago, we point to several tangible catalysts that could propel the price of bitcoin in 2019,” the analysts added, pointing to the expected wave of institutional custody solutions, improvements in scaling and growth in emerging markets as possible catalysts for a new bull run.

In today’s trading, the Bitcoin price stood at $3,778.80, as of 10:31 GMT. The digital coin has gained 0.5% in the past 24 hours, according to data from digital currency tracker Coinmarketcap.