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Over the last few weeks, Bitcoin (BTC) has evolved without rhyme or reason, with price action being sporadic and volatile access difficult or impossible to predict. CoinTelegraph, however, has done its best to provide insights by engaging leading industry badysts and commentators to determine the next destination for cryptocurrencies.
Although the outlet may have been ill-chosen with its latest update in the cryptography market, the rebound of 8% of BTC and the pump of 30% of Litecoin may have made some comments false, but the information presented is nevertheless of some value.
Mati Greenspan, a cryptocomputer researcher at eToro, pointed out that, as it stands, $ 3,000 is a key level for cryptocurrency. Greenspan, who quickly became a leading voice in this space, said that bitcoin was historically a major price factor, citing BTC's temporary inability to surpbad this figure in the blistering 2017 race. .
Combining this level of long-term support with a downtrend line from BTC's $ 20,000 peak at the end of 2017, Greenspan has described a long-term triangle. The last time that a training reminiscent of that of the badyst eToro appeared, BTC went down. However, the chartist noted that past performance is never an indication of future results.
Thus, Greenspan then drew attention to fundamentals in an attempt to discern where bitcoin could be directed from a different perspective. Citing data from Blockchain.com, the underlying blockchain of Bitcoin recorded an average of 2.25 transactions per second in February 2018. Today, that same statistic has risen to 3.85, even though prices fell sharply. This was underlined only by the fact that the total number of current transactions is at levels observed in November 2017.
Greenspan added that the growing demand for Bitcoin on platforms such as LocalBitcoins, a recently hacked peer-to-peer trading service that targets countries with access to insufficient financial infrastructure, also highlights the fact that BTC's value proposition is steadily increasing.
Analysts say it's time to refuel Bitcoin
With this in mind, Greenspan noted that many badysts believe that if you want to stay in the cryptocurrency business for five years, a decade or more, this is the perfect time to reach an average cost. monetary: "the purchase. "
He added that, even if BTC exceeded $ 3,000, up to $ 1,800, or even $ 1,200 to $ 1,300, many commentators believe that the accumulation of cryptocurrency to $ 3,700 could still bear fruit. This comes after Murad Mahmudov, a respected crypto trader, pointed out that if Bitcoin did not cross the 15-week MA at $ 4,200, the long-term downtrend of $ 5,500 and the 50-week MA at 6,800 $, this market low.
The lowest levels, which he calls Crypto's "infernal phase," will allow BTC to trade flat between a long-term floor of $ 1,700 and $ 3,100 a month. However, Mahmudov noted that this could be a long-term accumulation area.
Mahmudov is not the only expert in the industry touting the story of accumulation. Moon Overlord said that the block losses / reductions of rewards are the strongest events, and that investors should therefore buy crypto-currencies in anticipation of such events. Alistair Milne echoed this comment saying that those who do not intend to buy BTC en mbade in the coming months, especially since the reduction of Bitcoin emissions does not approach, do not practice not even crypto.
Title of the image with the kind permission of André François Via Unsplash
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