Indicator – Bitcoin has developed since the low of $3.700 extremely well. Data from trading view suggest that the crypto-currency has risen since the lows of slightly more than 150 %. This price action is undoubtedly impressive. With an increase of 150% succeeded in BTC to achieve in the same period, a better Performance than any of the other assets in value of more than $ 100 billion. However, this step has not convinced the analysts is crucial that Bitcoin is in a bull market.
Technically Bitcoin is still in a bear market
The prominent quantitative Bitcoin Analyst “PlanB” has recently found Bitcoin from a technical point of view, is still in a bull market. The Analyst refers to the below picture to his viewpoint. The diagram illustrates that the one-week Index of the relative strength of Bitcoin is currently below 60. The Relative strength Index (RSI) is described by Investopedia as “a Momentum indicator used in technical analysis and the extent of the recent price changes, measures to assess overbought or oversold conditions in the price of a stock or other asset”. As the diagram of PlanB no means an indicator below 60, that the bulls are in control. The RSI of Bitcoin rebounded on the 2,000% in the bull market in 2017 multiple of the ~60 Region, suggesting that he now has a certain importance. Graph of the pseudonyms institutional Investors and Bitcoins quantitative analysts “PlanB” (@100TrillionUSD on Twitter). However, only “PlanB points” to the fact that Bitcoin is still in a bear market. Also the founder of Silk Road, Ross Ulbricht, is compared to BTC in the short term is still bearish. In a Medium-the Blog with the title “Bitcoin by Ross #9: A Strong Signal for Lower Prices” (Bitcoin from Ross #9: A strong Signal for lower prices) writes of the Bitcoin supporter that BTC according to the Elliot wave analysis is still in a bear market. Ulbricht, according to the assets value was actually in the second Phase of a multi-year bear market. The Elliot wave is a Form of technical analysis, indicating that the markets move because of the psychology of investors in the foreseeable wave phases.
A full-grown Bull Run is imminent
Despite these statements, a “Bull Run” seems to be in reach. Matt D’souza – CEO of block goods Mining recently announced four macro-economic Trends, which indicate that the demand for Bitcoin will break out soon. They are as follows: There are growing geopolitical difficulties – such as the tensions between the US and China because of democracy in Hong Kong.The global Central banks continue to print trillions of amounts, in order to save the flagging economy.Negative interest rates tend to be more.Bitcoin is slowly developing into a payment system. In addition, the technical data have similar optimistic signs. A Trader commented that the current market price action is almost identical with the semi-retirements of 2012 and 2016:
“This capitulation is almost identical with the Kapitulations-half adjustments from 2012 and 2016 (all within 21 days after the halving). This is the flag of a massive Bull.“
He says: If BTC will follow a historical precedent, so BTC will be vertical soon”,” out of the protracted Stagnation shoot out. – Display