Currently, investors are extremely excited when Bitcoin price has moved above $ 10K for the first time in 5 months. However, BTC needs to take some necessary actions for this recovery process to be sustained.
Institutional investment must accelerate
Bitcoin has long been interested in institutional investors. Currently, many investment funds move from the traditional financial space to emerging markets. However, there are very few organizations that actually work here. Such caution may be due to the volatility of the market along with the lack of government regulation and the legal recognition of blockchain assets.
In the last bull run when Bitcoin reached an all-time high, institutional investors remained on the sidelines. Now, when all signs indicate a clear recovery, they should rethink their investment plans.
Platform development must continue
While Bitcoin's hegemony in the cryptocurrency space remains firm, the platform has many obvious technical shortcomings. Scalability is a challenge, as on-chain transaction productivity cannot meet all requirements in the case of mass adoption. Therefore, the Lightning Network must prove effective as network activity increases.
Simply put, for BTC to remain a leading cryptocurrency, issues such as slow confirmation times and high fees must be addressed early.
In addition, Bitcoin has long been criticized for wasting electricity and even surpassing many small countries. Solutions to this problem such as the use of renewable energy and overtime use of traditional power plants need to be addressed.
Bitcoin fiat on-ramp must be improved
This issue is probably the biggest obstacle to mass adoption. Public interest in Bitcoin is very high, but most potential adopters are unable to navigate the process of buying it. This bottleneck must be opened to promote the ability to move fiat money into the crypto market to be smooth and user friendly.
Fortunately, cryptocurrency ATMs are proliferating and transaction applications are increasing buying options. Indeed, buying Bitcoin completely easier than 5 years ago.
However, it is worth noting that exchanges are becoming increasingly 'headache' with government regulations hampering their ability to serve the majority of the population. For example, Poloniex was completely shut down in the US market and Binance was forced to create a new exchange only for US citizens. Therefore, government cooperation is essential for customers to have reasonable access to blockchain assets.
Regardless of how the price of Bitcoin moves in the short term, the market sentiment is currently optimistic and the blockchain revolution is very realistic. Therefore, surely all challenges to mass adoption will eventually be addressed.
Bitcoin price will increase vertically
Although the prices of cryptocurrencies seem to move randomly, similar price action sequences appear from time to time in patterns often called fractal. One of these fractal has recently been identified by renowned trader Jonny Moe.
On Sunday, the analyst shared the chart below, showing Bitcoin price action since the beginning of the year reminiscent of the process that occurred in April and May 2019: both periods witnessed BTC trading in the wedge increase, marked by 5 points on the wedge lines, 3 peaks and 2 troughs.
In 2019, this incremental wedge model was broken, with the Bitcoin price rising vertically, earning an additional 30% over the next few days.
Currently, the wedge has not been broken. As such, if the fractal takes place, the price action will repeat like 2019. That means Bitcoin will be trading above $ 12,000 or $ 13,000 – about 20% to 30% higher by the end of the week. after compared to the current price of $ 10,125.
Price of BTC today | Source: Coinmarketcap
It sounds crazy, but other analyzes also suggest that Bitcoin will soon continue higher, move even faster than before.
BTC may soon explode higher as it is about to break through an important historical diminishing resistance level that has constrained price action since the $ 14,000 level was seen in June last year.
Trader Anderson asserted that Bitcoin could soon break out of its historical trend line to plunge into the bull market.
I love it when a Good Plan comes together
I had this one drawn out 6 months ago. But, you can check the date on the Chart for when this became scenario “A”
However, there are no crystal balls. The key is to have pts of failure & tangent plans from your pts of failure pic.twitter.com/ULZv0uSr0s
– Mr. Anderson (@ TrueCrypto28) February 9, 2020
“BTC: I like it when I have a good plan. I stopped it from 6 months ago. However, you can check the date on the chart to determine when it becomes an 'A' scenario.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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