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In the last three months, the price of bitcoin has flirted with the resistance level of $ 4,200, often struggles to maintain momentum above the $ 4,000 mark.
Several traders have expressed concern over the long period of stability demonstrated by Bitcoin because, at the end of 2018, cryptocurrency has declined by about 50% after three months of stagnation in the range of 6,300 to 6,500. dollars.
However, a cryptocurrency badyst known in the community as "Galaxy" said that once bitcoin exceeded a key resistance level of more than $ 4,000, it could potentially reach $ 5,500.
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Bitcoin price table for one month (Source; Coinmarketcap.com)
L & # 39; badyst has explained:
"According to the Bulkowski study, more than 60% of bottom-up ascending triangles end up breaking up with an average price rise of 35%."
"This gives us a goal of $ 5,500 BTC once the breakout is confirmed."
No scenario for Bitcoin is still confirmed
Many technical badysts and traders remain cautiously optimistic about the bitcoin price trend, partly concerned with the latter's inability to break the $ 4,000 mark and test key levels of resistance.
Over the past week, BTC has remained relatively stable at between $ 4,000 and $ 4,100, unable to rebound to $ 4,200 since the end of February.
At the time, economist and market badyst Cryptography, Alex Krüger, said that BTC had undergone a short-term correction as soon as it had reached its first major resistance, as a result from a prolonged bullish movement.
He told CCN:
"It's a simple stop. Prices had been rising vertically for 16 days without withdrawal. Take $ ETH for example: + 38% without withdrawal. Many long leverages stacked. And people fomed in. BTC reached the first level of strong resistance ($ 4200) and a correction follows. "
"As with any other badet clbad or market, the badyst pointed out that a prolonged bullish movement often faced a significant setback."
As such, it is unclear whether Bitcoin would be able to climb within a reasonable range above $ 4,000 and maintain momentum, thus avoiding a short-term fall from its current level.
On the technical side, because of Bitcoin's difficulties in finding significant momentum or upward price movement above US $ 4,000, it may be necessary to make a significant effort to reach US $ 4,200 in the near term.
While Bitcoin recorded a slight loss that day, several important cryptographic badets such as TRON, Cardano and OmiseGo recorded gains of the order of 5 to 10.5%, with Cardano recording the largest gain by report to Bitcoin and the United States. Three.
Bitcoin Hashrate Compared to the price, what does it show?
Since January 2018, the price of bitcoin has fallen by nearly 80% against the US dollar. As a result, badysts were expecting a proportional decrease in the price of the BTC on the Bitcoin network.
Bitcoin Hash Rate vs Price
2013-2019The gap between the hash rate and the price is the largest of all time.$ BTC pic.twitter.com/XNFToZN86r
– Ceteris Paribus (@ ceterispar1bus) March 22, 2019
However, throughout the past year, despite a significant decline in September 2018, the BTC hashrat has steadily increased.
The gap between hashrate and price suggests that miners are willing to operate at a loss for two reasons: it is difficult to get rid of existing equipment and electricity, or expect the price of bitcoin increases in the long run.
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