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Bitcoin Price Analysis : Signs Indicating Bitcoin Bullish Momentum

Bitcoin Bullish

Today’s Asian session saw the drifting down of bitcoin as the pair traded as low as 10056.30. Moving a day back, in yesterday’s Asian session, it was about 10379.15 level l. European and North American session was faced by a steady selling pressure as result bids emerged today which marked 23.6% retracement of the 13202.63 – 9071.00 range.

Yesterday North America ‘s session also witnessed stops being elected below the 10076.11 area, constituting 38.2% retracement of 9585.86 – 10379.15 range. Moving on towards the chartist, they are expecting for 9982,9888 and 9773 levels with 9765.93 level on their topmost focus which represents 38.2% retracement of the 3128.89 – 13868.44 range. On the other side, traders are continuously following 9532.39 area. 

Price activity is close to 50 bar MA ( 4 Hourly) at 10,211.30 and the 100bar MA (hourly) at 10146.38. Technical support is expected around $9765.93, $9532.39, $9265.49 with stops expected below.

James Todaro, a managing partner at Blacktown capital, a cryptocurrency investment firm, gave five pillars for the bitcoins to reach its zenith. He termed it ‘insanely bullish’ factors which would make bitcoins emerge victorious outshining all other currencies.

  1.  The steady growth of bitcoins over the past ten years. The growth of bitcoins had been slow but steady with an increase in its price with every month passing.

  2. Every year of bitcoins existence shows a positive growth when dollar cost averaged. Bitcoin in recent years seems to challenge the price of dollars. While the graph for bitcoins has a sharp upward slope, Dollar seems to be an average asset.

  3. Bitcoins outperforming most tech stocks in the past ten years.

  4. smaller market cap in comparison to other currencies.

  5. Bitcoin is accessible by both institutions and retail investors.

The above five pillars portrayed by Todaro gives us a short hint of the rapid growth of bitcoin and it’s increasing transactions on a daily basis with a dazzling growth in its value.

Bitcoin had been growing exponentially since 2009 but Todaro brings into notice that despite being an old asset, it had still occupied a small space in the market and thus it has tremendous chances to grow with a much higher acceleration.

“On the scale of a global currency, bitcoins are still small, just passing the Colombian Peso and the New Zealand dollar in the market cap of gold. There is tremendous room for bitcoins to grow into a global store of value”- said Todaro

It has the potential to evolve more in the years to come. Today the youth all across the world is more interested in the digital currencies so it itself highlights the dynamic growth of bitcoins in the time ahead.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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