- Bitcoin activity and fluctuations have managed to surprise traders and investors repeatedly.
- Despite the uncertainty that BTC carries, speculation says that it will return to the bull market.
- Here are 5 factors pointing towards a bullish turn for BTC.
Bitcoin activity and fluctuations have managed to surprise traders and investors repeatedly. Despite the uncertainty that BTC carries, speculation says that it will return to the bull market. After 2017 drop by 40%, BTC was pretty much in the rearview mirror for investors. But here are 5 factors pointing towards a bullish turn for BTC:
BTC Price Trap Of 2017
The first one being the 2017 price trap. The drop by 40% in BTC price in 2017 was similar to the black Thursday drop. Bitcoin recovered soon after and hinted towards a short market. This entire shift created a W double bottom pattern. There is uncertainty as to whether the same will be seen in 2020, but all activity points towards a repetition.
Secondly, the price pressure level and support level after June 11 proves Fibonacci’s theory. With the upper limit of about $9600, and support level price $9168, there is an interesting pattern formed. Whether this is a sign of a bull market scenario is still a question.
Thirdly, the curious amount of pending orders reflects a bias may be occurring. There are multiple sell orders close to $9450 and numerous buy orders nearing 8800USD. When you view the current BTC price cap $9450 with support at $8700, with the pending order in mind, there seems to be involuntary manipulation at play. The big sharks can be seen making profits easily and these signs pint towards a bull market.
The fourth signal is Altcoin uprise. The past 2 years have seen a downward trending chart of cryptocurrency. However, the bullish MACD golden fork on the charts has indicated an upcoming rise. Many cryptocurrencies have seen a huge rise in value and this indicates that when Altcoins are launched, BTC will benefit from it.
Lastly, the perception of people regarding BTC has been warped and twisted by anyone who has a say. The heavy speculation and uncertainty pertaining to Bitcoin have allowed people to consider the unfiltered opinion of naive Youtubers or bloggers. Many people use this to their advantage and fool the general public, by using falsified progress. This inadvertent change in thinking has caused the uncertainty of BTC to rise even more.
These five signals point to Bitcoin returning to the Bull market. The effect may be seen very soon and may exist for a brief period, depending on trading behavior and patterns.