Bitcoin: reasons for the price to go anywhere but up

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Bitcoin: reasons for the price to go anywhere but up
Bitcoin: reasons for the price to go anywhere but up

Almost ten months have passed since Bitcoin (BTC) reached the absolute maximum of its price – over $20,000 per coin. Tough ten months for HODLers and miners. However, at the moment, many analysts and traders are sure: the days of a protracted “bearish” trend are over.

Taking into account the behaviour of Bitcoin, which is rapidly raising the lower bar of the price, as well as a number of recent fundamental changes both in the bitcoin blockchain and in the crypto industry itself, we can safely say that with each passing day the reasons for the price to go up, increase.

Ascending trend

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On the chart below, we can see the change history of the behaviour of the BTC/USD pair during the month.

BTCUSD coinatory. Bitcoin: reasons for the price to go anywhere but up
Bitcoin: reasons for the price to go anywhere but up

We see that the trend line of Bitcoin tends to ascend, that is, the lower price limit, for which the coin practically does not deviate, is constantly moving upwards, forming new points of support for BTC.

Despite the fact that lately, the price of the coin is quite stable, that is, it fluctuates around the mark of $6,500, it can still be safely said: the overall trend looks quite positive.

If you take another wider timeframe, bitcoin shows approximately the same performance on it as well. The last time that Bitcoin was in decline, its price had lowered even beyond the $6,000 mark. Earlier, in June of this year, the price of bitcoin slipped to $5,778, and in August, during the next wave of a bearish trend, to $5,860. At the moment, Bitcoin shows enough strength at around $6,000.

However, this does not mean that the bear trend in the market is over. If you look at the situation from a more open perspective, you can see a number of fundamental developments in the crypto industry. In addition, we should not ignore the historical data, which suggests that BTC is experiencing one of the most promising areas in its life, and this already gives some hope for the emergence of a new “bullish” trend.

Developments

At least, Bitcoin has no stagnation. As long as people believe in this technology, it will develop, and the protocol will be modified.

Briefly about the positive news:

  • According to some sources, Nasdaq is going to organize their own trading platform for Bitcoin.
  • The SegWit protocol was launched only a year ago, and its integration has grown to 50%.
  • The Lightning Network is also constantly evolving. Integration with merchants and trading businesses is also gradually increasing, as global payment operators like Coingate and Globee use this technology.
  • Bakkt is also planning to present its own Bitcoin futures contracts in the market, with the support of International Contracts Exchange.
  • Despite the fact that the bitcoin funds traded on the stock exchange did not find approval in the eyes of regulators, this still proved the bitcoin maturity. In the future, the crypto community will try again to present tradable funds to regulators.

Given all the above, it is possible to say that the price of Bitcoin is slowly, but recovering.

Perhaps, the “bearish” trend on the crypto market has really come to an end.

However, the cryptocurrency ecosystem is still quite unpredictable, and therefore analysts are cautious with statements. In any case, time will put everything in its place.