Since Bitcoin fell under the $10,000-to support, many saw this as a sign of an approaching bear market. However, apart from the fact that the Bitcoin price could rise once again over $10,000, the monthly lows a big role. Since February, Bitcoin has experienced a steady increase in month lows.
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To fall under the $10,000 does not mean that Bitcoin continues on a bearish path
Bitcoin has recorded an increase since the beginning of the year, a steady price and was able to achieve in July of 13,000$, what many are led to believe that BTC is on a bull run, ready to the 2017 comparable.
Even in the worst case, Bitcoin recorded each month, a significant growth
Since most of the traders focus on the analysis of the price development of Bitcoin, micro-factors, is often overlooked in the overall picture. A crypto Investor and Analyst tells an interesting data set on Twitter, which illustrates this issue perfectly.
#Bitcoin continues to set higher monthly lows:
Feb $3,391
March $3,733
April $4,096
May $5,347
June $7,564
July $9,163
*Aug $9,427
* 1 day to go
It sure looks, feels & smells like progress. ZOOM OUT. We are on the right track?love it.
— Steve ₿ – @ProofOfSteve (@ProofOfSteve) 29. August 2019
He pointed out that Bitcoin has reached every month higher lows. According to his data, Bitcoin was at its low point in August, which was a contribution of 9.427$, an increase of 178 percent compared to the February-low of 3.391 $.
Other prominent crypto-analysts seemed to agree that the Trend indicates a strong upward current. Willy Woo, a crypto-analyst and Partner at Adaptive Capital, said that the current price of Bitcoin, although he overheated in the past few weeks, “” was, just by his 128-day average is deviated.
He explained that Bitcoin has touched the 128-day moving average line during the bull markets in the past several times and it has helped BTC to stay, even with large fluctuations grounded.
Kissing the 128d MA is a very good sign. It was overheated till this. People familiar with BTC’s historic personality know that the 128d line needs to be touched many times during a bull market to stay grounded. They present good buying opportunities. pic.twitter.com/1QBo3QjtgD
Willy Woo (@woonomic) 29. August 2019
Yesterday, we reported that Trader Peter Brandt, the fourth parabolic presumed to be in Phase, and with yesterday’s Bitcoin price increase in the amount of 6 per cent, he seems to be right.
Text evidence: crypto slate, Priyeshu Garg