Bitcoin is still in the green zone. Is it calm before the storm or the course for stabilization?
From the beginning of this year, the main crypto coin has made over 170 percent. Although some participants of the market think that these results cannot be compared with its previous peaks. It was in the final 3 months of 2017 that BTC price growth reached 400%, and the coin itself soared to record levels.
2018 was a challenge for all players and those involved in the digital asset industry. It seems that 2019 will become a patience test, because BTC moves up very slowly, especially taking into account 2 and a half months of lateral movement. Market cycles from peak values to drops seem to become longer. It takes more and more time for each correction.
But there are those who are confident that bitcoin dominance is steadily moving to 90 percent value. This is the opinion of Blockstream CEO Adam black, who recently wrote that the dominance index of BTC first fell below 95 percent in February 2017. After this, a gradual strengthening of the position of altcoins took place, which provoked a significant decrease in the share of bitcoin transactions. In 2018, the dominance index of the main crypto coin was dropping to below 40 percent, but afterwards it began to grow.
According to Coinmarketcap, on September, 12 bitcoin dominance index amounted to 70,2 percent. This makes Black’s hopes not without ground.
Lately bitcoin has not been subject to “storms” as previously. Blockforce Capital experts determined that bitcoin’s 30-day volatility stands at 53 percent.
According to Coinmarket, between August, 12 and September,12 bitcoin’s rate was always between the range of $10000–11000. Blockforce experts believe that in this month BTC will complete consolidation. When this stage is completed, the first crypto coin will return to soaring, analytics reassure.
Famous trader Josh Rages said on September, 10 that within next days bitcoin can drop in price down to $9000 or even $8000. And although his scenario hasn’t come true yet, this outcome cannot be dismissed in the absence of support from investors.
Currently Twitter users are seriously discussing the so-called descending triangle on the bitcoin rate chart. It is very similar to the figure which formed on the main crypto coin’s chart in 2018 and marked the fall of the value of the coin below $ 6,000. This is not an arbitrary symbol, this is one of the “bearish” patterns in technical analysis. However, Thomas Bulkowski, expert in the field, reassures that descending triangles turn out to be true only in 53 percent of cases. Similary, in ascending trend this figure doesn’t work in 63 percent of cases. Crypto trader Scott Melker is even confident that there is no triangle on bitcoin’s chart at all and that’s why there is no reason to panic.