The Bitcoin exchange rate is currently just under 3 weeks after the Halving in a consolidation phase. The small weakness that has set in at the end of may and the BTC price up to 8,800 USD expressed, appears to be over now. Currently the course is listed again at about 9,500 USD.
But when is the Bullrun, many yearn for and the Bitcoin price back in the direction of the old all-time highs at $ 20,000 catapults to start? While in the last few weeks about many of the factors discussed, we want to put in this article, our attention to 2 reasons, the many still have on the screen. A lot of fun!
Contents
Again and again the Crypto-market is compared with the New market of the 2000s, when the new Internet companies from the ground shot up and a Hype on the markets triggered. Only with the years, the chaff separated from the wheat and it companies such as Google, Amazon and Facebook emerged.
Surprisingly, not reflected this Similarity, only the parent in the construction and development of the market, but also in the Price trends. The Twitter Account “Mr. Chief” (@HaloCrypto) has been particularly active and has compared the histories of the Bitcoin price and the Amazon share. What emerged is fascinating: the two Chart patterns have a very high Similarity, as the following picture shows.
As you can see on the picture of the rough history of the Bitcoin exchange rate is with the the Amazon shares after the formation of bubbles almost identical. The consolidation phase we are in at the moment is circled in the picture.
During the further course of the BTC price is not fixed, of course, currently, you can see at the bottom of the two Charts, well, what happened with the price of Amazon stock to the comparable consolidation phase: It went steeply upwards in the direction of a new all-time highs. In the case of BTC that a Bitcoin would mean a rate of 20,000 USD.
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Connection to the Chinese Yuan
Another reason for a new all-time high in the Bitcoin exchange rate this year, from a development before the last Bullrun derived. Then, in 2015 and 2016, the currency of China, the Yuan, in a weak Position against the USD.
Even now, the Yuan is in a weak Position in the Wake of the sanctions could grant the United States against Chinese companies, and the tensions with China due to the increasing interference of China in Hong Kong. Specifically, is the Yuan on course to lows that we haven’t seen since the height of the trade war in 2019, with the United States.
In the Crypto area known Chris Berniske says:
If China’s $CNY weakens against the us Dollar more, it could be a 2015 and 2016, and repeat (see the figure below), in which the strength of the BTC-Dollar falls with the weakness of the Yuan together.
If China’s $CNY continues to weaken against $USD, then we could have a 2015 and 2016 repeat (pictured below), where $BTC strength coincided with yuan weakness. https://t.co/ISVJAZMX5O pic.twitter.com/VApfxe1SFw
— Chris Burniske (@cburniske) May 22, 2020
What’s next?
In summary, we can say, therefore, that these two chart technical and fundamental developments speak for a further increase of the Bitcoin price in the future. It remains to be seen, of course, is whether the developments of the past will indeed repeat. There is as always no guarantee. Nevertheless, we can look forward to an exciting future for BTC.
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