Analysis: the Development Trend of Bitcoin After First Round of Going High in 2019

Analysis: the Development Trend of Bitcoin After First Round of Going High in 2019

Nothing can stop Bitcoin from soaring all the way. Although Github was hacked to make the managed code disappear and be extorted from Bitcoin; Binance hot wallet was attacked by a hacker group and 7,000 bitcoins were successfully taken away. However, these have not affected the trend of bitcoin going high, and the logic behind cannot be explained by market behavior. So, we still focus on the current performance of Bitcoin to see the next trend of Bitcoin.

This image has an empty alt attribute; its file name is image-6.png
Source: BCtrend

According to the latest analysis report of Dailyforex, since Bitcoin hit a historical peak in December last year, the current performance has rebounded after the price has been adjusted downward by nearly 50%. Bitcoin has experienced a hillside-like callback every time it has experienced a high price, so the previous downturn is also reasonable. The current rebound is also expected.

But for those investors who bought at $20,000, they should be less satisfied. After all, Bitcoin also took a long time to reach this high point, which means that Bitcoin is hard to touch a high position, while the volatility of late price may decrease. In the medium term, bitcoin prices may enter a bullish trading pattern, but the overall pattern is still consolidating, so a bullish investment choice may not result in greater profitability. Fortunately, on the technical side, support and resistance levels are still good for investors to control risk. Therefore, if the price hits the stop loss level, there is still a trading opportunity to be expected. Therefore, Dailyforex analysts are bullish in the medium term.

BTC/USD hourly chart, source: Dailyforex

The main idea behind Bitcoin is to promote cheap anonymous transactions. Bitcoin is usually compared to gold. Bitcoin is limited in number, totaling 21 million. Like gold, bitcoin is also mined. But instead of mining them from the ground, they extract bitcoins online through sophisticated algorithms.

Recently, digital currency economists believe that Bitcoin is in the final stage of the bear market, more precisely, the final stage of the bear market at this stage. From the current trend of Bitcoin, this view is also understandable, but it is better to be cautious about the so-called economists’ views. Bitcoin prices are not affected by market behavior in the long run, and it is not easy to figure out the law of ups and downs. Therefore, it is not recommended to use diachronic analysis to make investment and it is still recommended to consider whether to invest in the synchronic dimension.

This article is originally created by UU.Block. If reproduced, please indicate the source.