The price is about to break through? Senior trader said: BTC has entered the fourth round of the rising cycle

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.

Image1-1

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.

Screen Shot 2019-09-02 at 11.44.32 AM

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.

good luck.

– 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.

Image2

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.

Screen Shot 2019-09-02 at 11.44.57 AM

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Wall Street Journal Binance Empire on the Verge of Collapse

After the collapse of FTX, the largest cryptocurrency exchange in the world seems to be Binance. However, less than a...

Blockchain

From Caroline Ellison to Gary Wang The Fate of Bankman-Fried Hangs by a Thread, According to Bloomberg

Three ex-close friends and colleagues of FTX co-founder Sam Bankman-Fried have testified against him, possibly result...

Blockchain

The digital currency exchange has been caught in the throat by the legal currency.

Under the premise of a constant total circulation, money acts as a catalyst for rapidly transforming production mater...

Blockchain

The user information of the currency circle has been leaked on a large scale, and the fire currency and the currency security have issued risk warnings one after another.

On August 6th, a large number of users of the currency said that they received a call from a customer service company...

Blockchain

Coinbase CEO: Almost every economic field is struggling, and Bitcoin is the currency people need at this moment

Editor's Note: This article has been deleted without changing the original intention of the author. Coinbase, a ...

Blockchain

Hilariously Hot Crypto Drama: FTX and Genesis Global Trading Settle for a Cool $175 Million

Bankruptcy Court Approves $175 Million Settlement between Cryptocurrency Companies FTX and Genesis in New York