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Bitcoin surged nearly 71% in May, this is the best month for Bitcoin for this year. With regard to the seasonality factor, may not be supposed to be the best month for Bitcoin, the average percentage gain over 5 years setting at -1.95%. The highest level of the last five years is 0.77%, while the lowest is -6.08%. Statistically, the best 5-year average percentage for Bitcoin is still January, at 4.99%.
Photo credit: Getty
Getty
But Bitcoin bulls do not need to worry and the reason I say this is that the same seasonality factor for July seems very strong . What is the strength? Well, the highest percentage percentage over 5 years is 8.33%, which means that during this month, the price of Bitcoin can go up to $ 9,208.
"The hard times for Bitcoin are over" Dr. Zafar of Bithercash told me.His statement becomes even more striking when comparing the current price of Bitcoin to that of previous years.The price of crypto king is now higher from one year to the next and this is the first time this has happened for 8 months.
In my previous article, I mentioned that the price could exceed the threshold of $ 10,000 in two weeks. It does not stay long for this to happen. However, the relative strength index shows that the momentum has slowed considerably and that the RSI has fallen below the critical level of 70. For the price to continue climbing, the RSI must respect the trend traced on the graph below. .
The Bitcoin daily chart shows that the RSI has cleared its overbought zone
ThinkMarkets, Twitter: @ NaeemAslam23
Even if the RSI falls below the trend line plotted on the chart, it is not a topic of serious concern. In fact, this will only send a strong message: the price is much too much sold. This will attract more buyers.
Remember, the social media giant, Facebook must also reveal its own cryptocurrency this month, GlobalCoin. Users will be able to process transactions via social media and Facebook employees will also be offered the opportunity to be paid in this room. By creating its own cryptocurrency, Facebook will generate tremendous business value in developing economies. It will be a whole new paradigm.
Jon Crowcraft, a professor at Cambridge University's School of Computer Science, described the initiative as "Facebook is turning into Silk Road 3.0". The question is, what size can we have? Basically, we all know that Facebook controls our data and that now, with its own currency, the company becomes unstoppable.
To conclude, I am optimistic about the price of Bitcoin during this month and I believe that the Facebook event will be the catalyst for the price of Bitcoin to increase. Facebook needs to make sure that it has solved all the problems because it really is a double – edged sword. Any flaws on the part of the firm will leave a big dent in the crypto space.
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Bitcoin jumped nearly 71% in May, making it the best month for Bitcoin for this year. With regard to the seasonality factor, may not be supposed to be the best month for Bitcoin, the average percentage gain over 5 years setting at -1.95%. The highest level of the last five years is 0.77%, while the lowest is -6.08%. Statistically, the best 5-year average percentage for Bitcoin is still January, at 4.99%.
But Bitcoin bulls do not need to worry and the reason I say this is that the same seasonality factor for July seems very strong . What is the strength? Well, the highest percentage percentage over 5 years is 8.33%, which means that during this month, the price of Bitcoin can go up to $ 9,208.
"Hard times for Bitcoin are over," said Dr. Zafar of Bithercash. This statement is even more striking when comparing the current price of Bitcoin to that of last year. This is the first time this has happened in the last 8 months.
In my previous article, I mentioned that the price could exceed the threshold of $ 10,000 in two weeks. It does not stay long for this to happen. However, the relative strength index shows that the momentum has slowed considerably and that the RSI has fallen below the critical level of 70. For the price to continue climbing, the RSI must respect the trend traced on the graph below. .
The Bitcoin daily chart shows that the RSI has cleared its overbought zone
ThinkMarkets, Twitter: @ NaeemAslam23
Even if the RSI falls below the trend line plotted on the chart, it is not a topic of serious concern. In fact, this will only send a strong message: the price is much too much sold. This will attract more buyers.
Remember, the social media giant, Facebook must also reveal its own cryptocurrency this month, GlobalCoin. Users will be able to process transactions via social media and Facebook employees will also be offered the opportunity to be paid in this room. By creating its own cryptocurrency, Facebook will generate tremendous business value in developing economies. It will be a whole new paradigm.
Jon Crowcraft, a professor at Cambridge University's School of Computer Science, described the initiative as "Facebook is turning into Silk Road 3.0". The question is, what size can we have? Basically, we all know that Facebook controls our data and that now, with its own currency, the company becomes unstoppable.
To conclude, I am optimistic about the price of Bitcoin during this month and I believe that the Facebook event will be the catalyst for the price of Bitcoin to increase. Facebook needs to make sure that it has solved all the problems because it really is a double – edged sword. Any flaws on the part of the firm will leave a big dent in the crypto space.
