According to the Bitcoin Exchange Guide reported on September 2, last week, Bitcoin fell to $9,300. At the time of writing, Bitcoin was trading at $9577, up 0.41% in 24 hours.
However, the daily trading volume of Bitcoin has fallen sharply. Currently, Messari surveyed 10 exchange data for real trading volume, and the survey showed that the trading volume of 10 exchanges was only 298 million US dollars.
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Image source: coin360.com
Analysts and traders on Twitter had expected Bitcoin prices to fall to $8,000, but we obviously didn't see such a result.
According to historical data from the cryptocurrency market, the third quarter was the worst three months of cryptocurrency in the year. Although there is still a month away from the number of digits in the third quarter, some analysts say they are bullish on the price of bitcoin.
Analyst CryptoWolf said:
Because in the bull market, we have never encountered three consecutive red candles. So this month, I expect a rise, but the increase is not expected to be large.
If you don't have Bitcoin, this time looks like the last chance to board a spaceship.
I like this wedge shape, and Bitcoin is very likely to rise.
– Raoul Pal, September 1, 2019
But at the same time, some analysts believe that Bitcoin "will touch the pressure again."
A new round of bull market cycles?
After the fourth quarter of 2018, the price of bitcoin soared by 200%, so many people think that 2019 is the bull market for bitcoin, but in the past two months, the price trend of bitcoin is not ideal.
However, Bitcoin bottomed out at around $3,200 in December 2018 and has so far risen more than 159%.
Senior trader Peter Bradt said Bitcoin may have entered the fourth bull market cycle.
Image source: PeterLBrand
Bitcoin is likely to enter the fourth rising cycle
We can look at the bitcoin's rate of return in each of the previous rising cycles: the return rate of the bull market in 2011 was 318864%, in 2014 it was 58474%, and in 2017 it was 11960%.
According to this standard, the price of bitcoin will reach around $78,500 in the next round of upswing (possibly around 2022).
However, according to some experts, the price of Bitcoin in this round of bull market may exceed this level.
Half a bit of bitcoin and 8 months
– PlanB, September 1, 2019 As Bitcoin halved in a few months, the market will become more and more excited, and the price of Bitcoin is preparing to hit new highs.
According to the income situation in 2019, it can be said that Bitcoin has finally entered the fourth round of the rising cycle. The next thing we need to do is to see how high the price of Bitcoin can go.