- Bitcoin is known for its reliability and lower transaction fees as compared to traditional modes of investment.
- Bitcoin noticed bottom rebound to 14,000 USD, which then fell to a 6400 USD minimum before rallying to the current 8600 USD level.
The most famous decentralized digital currency, Bitcoin, is currently trading at $8565.05 with a market cap of $1,55,68,23,28,719. Created in 2009, Bitcoin is also known for its reliability and lower transaction fees as compared to traditional modes of investment.
According to research by Cambridge University, ‘between 2.9 million and 5.8 million unique users used a cryptocurrency wallet in 2017, most of them for bitcoin.’ With Bitcoin’s volatility and unpredictability, it is essential to analyze its past and understand what it means for investors to put their money into bitcoin today.
When one analyses the 10-year long term historical monthly line trend of the market rank number 1 cryptocurrency, BTC, one realizes that Bitcoin soared to the peak of each round of bull market in 11years, 13 years and 17 years.
After this, BTC peaked and reached its lows. After close research, it can seem that all fell first. BTC broke the apex Fibonacci at a 61.8% support level. Then, after a period of bottom consolidation, the cryptocurrency bottomed out and then stood strong at the 0.618 trend line.
Nevertheless, the subsequent trend not handled effectively, which led to a continued rise to the next bull market. Presently, BTC has begun its fall from a 17-year long apex and has gone below the 0.618 limits to support 7,500 USD.
At the beginning of 19 years, Bitcoin noticed bottom rebound to 14,000 USD, which then fell to a 6400 USD minimum before rallying to the current 8600 USD level. It is to note that the BTC is still above the 61.8% support level.
It often said that history would repeat itself. In spite of whether or not such movements of Bitcoin will happen, they will act as a base to analyze future opportunities and predict interventions.
Experts reveal that as long as the monthly line is effectively intact and the trend is considered valid, such ups and downs will continue along with repeated fluctuations.
As the graph indicates, the probability is at 0.618 retracements, with the mainline rising in the future. Dips will still dominate the trend. The BTC monthly line thus suggests that the cattle are only one step away.