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By CCN.com: In the last 48 hours, despite the withdrawal of the Chicago Board Options Exchange (CBOE) and the VanEck Bitcoin Exchange Traded Fund (ETF), the price of bitcoin has risen from $ 3,511 to $ 3,657. nearly 2%.
Although the absence of a major price move following a highly anticipated event, such as the withdrawal of the VanEck ETF, reflects the low level of trading activity in the global cryptography market, traders expect an increase in volatility in the Bitcoin markets in the coming weeks.
The Bitcoin ETF deposit has been temporarily removed. We are actively working with regulators and key market players to put in place appropriate market structures for a Bitcoin ETF and digital badets in general. Will keep you informed. pic.twitter.com/o9yiN47ZKe
– Gabor Gurbacs (@gaborgurbacs) January 23, 2019
Will greater volatility benefit Bitcoin?
Since January 11, the price of bitcoins has remained stable for more than two weeks, in a low and tight price range between $ 3,500 and $ 4,000, unable to break through key resistance levels or fall below crucial support.
There is currently a strong case for both bears and bulls in the cryptocurrency market. The lowest highs that Bitcoin has recorded in recent weeks show a weak momentum for the dominant cryptocurrency.
As a technical badyst Put the:
The 15-day consolidation continues. Lower highs and lower lows do not inspire the confidence of bulls. The gaps indicated in the reticle are those where the price should eventually change when a decisive move occurs below or above the red / green boxes. Incoming volatility.
Given the tendency of the price of bitcoin to show volatility after a period of prolonged stability, traders generally see the price of BTC changing rapidly during the first half of February. But, it is not certain that Bitcoin can initiate a significant positive move above key resistance levels, like 4,000 USD.
A major cryptocurrency operator with an online alias "Crypto Rand" said that, for the moment, most of Bitcoin's technical and fundamental indicators point to a bearish short-term outlook.
However, depending on the badet performance at the end of the week, the trader pointed out that the badet could start to show a slightly bullish short-term bias.
"If BTC continues to move in the horizontal range, it will find resistance at the falling corner in the next few hours and there we will see if there is an escape or a fall. If the 4-hour candles approach the current structure, I would be slightly bullish in the short term. But we can not forget that we are still on a downward trend in volume and that the daily structure remains bearish, "said the trader. has explained.
Do not expect bitcoins to escape the bear market soon
Historically, after every major correction or bear market, Bitcoin has tended to take longer to recover and reach an unprecedented new high.
The rise in crypto in 2017 was primarily fueled by retail traders and individual investors, supported by an unprecedented amount of traditional media coverage and demand for the badet clbad.
When will Bitcoin beat its previous record?
It took 1,181 days for BTC to break its previous ATH and 1,478 days for its peak in December 17
At this level, $ BTC would break the previous ATH + $ 20k in March 2021 or later
New Bitcoin ATH seem to take more time each cycle pic.twitter.com/lkwxR43JD7
– Josh Rager ? (@Josh_Rager) January 26, 2019
As big as the bull market was two years ago, investors, including Vinny Lingham, have suggested that the cryptocurrency market may require a prolonged payback period to allow for a potential rebound to previous record levels.
Earlier this week, Charles Hoskinson, co-creator of Ethereum (ETH) and founder of Cardano (ADA), said that the cryptocurrency market could take 11 years to recover completely and that investors and businesses had to be ready.
At the Crypto Finance conference, Hoskinson said:
It could take 11 years for us [the crypto industry] to find our state of progress in 2017, but then we will be a radically different ecosystem. We will have millions, even billions of users. We will be in many consumer products, be easy to use, [even] grandmother can use it. Many difficult things will have been discovered. For example, if someone dies, how do we get their private keys, how do we manage taxes, the whole regulatory process will be applied.
While expectations regarding the long-term performance of Bitcoin and key cryptographic badets vary, in the short term, many investors expect Bitcoin to experience a high level of volatility.
Featured image of Shutterstock. TradingView Price Charts.
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