Market Analysis: Bitcoin price rebounds or represents market recovery
The performance of the cryptocurrency market in 2019 was much better than in 2018. A year ago, bitcoin prices plummeted from historical highs, and in the following months, bitcoin market value shrank by more than 80%. Bitcoin, the leading digital currency, fell from $20,000 to $3,200 in 2018.
However, the situation seems to have changed recently. Since mid-February, the price of cryptocurrency has increased significantly. It will not fall in January and will start to rise again in February.
What does this mean for the future? Is this just a temporary trend, or is the cryptocurrency really over in winter?
At present, many transactions and investors are particularly concerned about the future price trend of Bitcoin. The famous futures trader Jim Luorio recently said: "The price of bitcoin is more than 4045 US dollars, and the profit will become huge, especially the bitcoin price soared about 1000 dollars last week."
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Luorio's prediction is that BTC is unlikely to fall below $3,820, and that a growth of more than $4,045 would mean that investors will receive huge gains. Shortly after making this prediction, the BTC did surpass this level, and in the last few days of March, prices soared between $4,100 and $4,200.
(Image courtesy of globalcoinreport.com)
This is the first time that Bitcoin has soared since the bear market in January 2018. Bitcoin prices soared in just three days, from $4,137 to $5,280; but a week later, the price of Bitcoin returned to $4,966.
At present, the price of Bitcoin may once again break through the resistance level of 5,000 US dollars, so investors' hopes for Bitcoin will reignite. Bitcoin's current daily trading volume exceeds US$17.6 billion. At the same time, the market value of Bitcoin is $87.5 billion, still slightly more than half of the total market value of the encryption market (currently $173.9 billion). It can be seen that Luorio's prediction seems to be correct. When Bitcoin broke the predicted price of $40,045, the massive recovery of the cryptocurrency market did come.
The price of BTC is likely to continue to grow and stabilize at the price of $5,000. If this happens, then further growth is certain. Another possibility is that BTC will either stay at a level slightly below this resistance level or continue to decline when the market turns down again, which is unlikely to happen.
Although everything is possible in the encryption market, it seems that the winter of encryption is finally over, and the main problem with cryptocurrencies today is the strong level of resistance. If the growth momentum previously shown has prompted investors to continue investing, Bitcoin will not be subject to any restrictions in the next few months or even years.
Originally from globalcoinreport.com, translated by Coin King.
In order to facilitate reading and understanding during the translation process, there are appropriate additions and deletions, please indicate the source.
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