The financial experts of large companies and organizations continue to trust in the market leader of crypto currencies. Bitcoin, according to the voices, should soon move up to a positive trend. Here you can find out why this is so and what is behind these developments.
Bitcoin Price Analysis By @AayushJs – BTC is placed nicely above the trend line and the $6,400 support. On the upside, buyers need to push the price above the $6,680 and $6,800 resistance levels. The main resistance for a larger upward move is at $7,000 https://t.co/rpyLpCR5hC pic.twitter.com/CePFkv68BZ
– NEWSBTC (@newsbtc) 30 September 2018
Current price development surprises many investors
The overwhelming dominance of the crypto currency market does not protect BTC from crises. With a current market share of 53.6% (evening of October 20), Bitcoin is far ahead of the competition, which has had to register similar problems in recent months. While prices of $8,000 per unit were still reached in July, this time has long been a thing of the past. Not only on October 11, 2018, many Bitcoin investors on the various trading platforms hoped that the price would not fall below $6,000 yet. The reason for this was the strong crash on that day, which fell from $6,588 to $6,270. However, the 5% loss in value came as a surprise for many buyers and led to correspondingly significant losses.
On Monday, 15 October, there was finally an upswing under reversed conditions. Bitcoin rose from $6,290 to $6,904 and took only six hours. The leap of almost 10% again ensured that the market was able to breathe a sigh of relief. Currently, the Bitcoin price is at an average value of around $6,450 for last month. The best known digital currency has a market capitalization of $112 billion. In view of these fundamental considerations, no acute upward trend can be discerned, which many experts predict. So why are they doing this?
Since February, Bitcoin’s been trading in clear a downward trend, but perhaps regulatory certainty could trigger a shift in behavior:https://t.co/6VgRB9Mufl pic.twitter.com/Khaur2q9bI
– Forbes Crypto (@ForbesCrypto) 16 June 2018
What experts say speaks for the Bitcoin upswing
As experts nevertheless assume that there will be a clear upward trend in the near future, the layperson is faced with the question: Why is this so? Mati Greenspan, Senior Market Analyst at CFD broker eToro, is realistic, but at the same time sees a lot of potential: “Of course the zero line pattern could stay for a few months and that wouldn’t be a bad thing, but there are signs that the tension is rising under the external cool-price action.” If you only look at the exchange rate of a crypto currency, you will forget an important factor, which Greenspan takes into account. The number of transactions per second has increased noticeably, representing the scalability of the blockchain. In the past, this has always been a typical indicator that a flat cycle is completed.
Rob Sluymer (Fundstrat Global Advisors) also expects movement in the market: “The coming 1-2 weeks could become a decisive factor for many crypto currencies in the short term.” However, many companies are testing key technical trading levels that could trigger a significant reaction from buyers when they are released. Whatever new investors end up creating a coin wallet: There remains an exciting remainder of October and the beginning of November. While no one can predict the exact price developments, most forecasts are nevertheless very positive.