Fundamentals are extremely bullish and with regulators amending/formulating new laws, it’s clear that Bitcoin is here to stay. That could explain the increasing level of use, institutional interest and more funds for infrastructure development.
Latest Bitcoin News
Thing is, poor policies can cause irreparable damage for an economy. Unfortunately, then ordinary citizens bore the full brunt but not anymore. Crypto and specifically Bitcoin continue to be a safe haven for many. Drawing from what’s happening in Venezuela and how citizens are shifting their value to a global coin that is immune to poor economic policies, sanctions or hyper-inflation, it’s a new dawn that mesh well with Bitcoin’s objectives.
Bitcoin is down 80% since last December. The only currency that’s performed worse is Venezuela’s bolivar. https://t.co/PgEYap8Tsn
— Los Angeles Times (@latimes) November 26, 2018
Read: Bitcoin Falls below $4,000 Yet Again, What are the Factors?
Generally speaking there has been a spike of Bitcoin activities. Considering how cheap it is to pseudonymously move large sums, there is a lot to benefit in a space that is still evolving as infrastructure is being built to support the next wave of disruption.
Also Read: What Is Bitcoin? Crypto Featured as Category on Jeopardy
Bitcoin is adoption is rising that year-to-date, close to $2 trillion dollars worth were moved over the platform. That’s a massive 61 percent increase from 2017 but a slowdown from 2016 when use rose by 96 percent. What’s interesting is that all this is printing at a time when the market is experiencing one of the longest draw-down in the coin’s history. This not only shows that the market is maturing but the depth and increasing adoption levels hints of acceptance across the board.
Despite being a year long bear market, over $2 trillion worth of bitcoin was traded in 2018. #RealMoney @CoinMarketCap pic.twitter.com/6FNvM2mRjW
— Satoshi Capital Research (@chartingbitcoin) December 1, 2018
BTC/USD Price Analysis
Weekly Chart
Price wise and price is pretty stable at spot prices. Though we expect a bounce and close above $4,700 as bulls build on last week encouraging gains and rejection of lower lows, it would be ideal if buyers maintain BTC/USD prices above $4,000 and more specifically above $3,700.
If not then we shall recommend trading in line with previous BTC/USD price analysis because drops below Nov 2018 lows could see drops to $3,000 crashing miners’ profitability and participation in general.
However, assuming there are gains above $4,700 and $6,000 then it is likely that prices will snap back to trend and rally towards $8,500 and $12,000. For this to happen then there must be catalysts as China allowing exchanges back and giving the green lights for BTC/CNY purchases.
Daily Chart
Here, it’s clear that BTC/USD is trending within a bear breakout pattern thanks to the near perpendicular fall of BTC after Nov 15.
While the past week’s rejection of lower lows could provide the impetus for BTC to rally above $4,700, there are risks of BTC dropping below our $1,000 range at $3,700 as it is the path of least resistance.
This will be against Fibonacci retracement rules and could be depending for market participants. But we cannot discount it from printing because BTC/USD has been on a steady decline since the beginning of the year.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Author: Dalmas Ngetich
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