The price of bitcoin: Investors are waiting for growth to continue
After a sharp rise at the end of last year, many are waiting for the resumption of growth of the cryptocurrency market, headed by Bitcoin, but contrary to expectations, 2018 instrument: BTC/USD failed to form not only a new round of growth, but a clear trend.
How long will this trend?
After falling from highs near $20,000 for BTC the next attempt of growth rates less significant.
If the February price rebound (from 6 to 23.02) was +103,19% (from $5873 to $11933), then the following April (01.04 05.05) became 2 times smaller in scale – only +54,23% (from $6450 to $9948). In the summer, in June-July (from 28.06 to 25.07) price of bitcoin rebounded on 45,84% (from $5816 to $8482), in August, even less, 20% (c $6139 to $7384), and in September only 10% (from $6106 to $6777).
A market recovery is accompanied by a smaller growth amount, and less the interest of users. $5800-6000, like a magnet that attracts price and the market each time less and less energy for growth. The situation where every subsequent lows and highs of the prices all closer together, in technical analysis called a triangle as in the chart of the bitcoin/dollar visually the price movement of bitcoin resembles this figure. Formation such as a triangle, a dangerous fact that it is not convenient for sellers and for buyers, the chances of a sharp rise, and fall, are absolutely identical.
Because it is clear that in the event of a breakdown of the $5800 down, the rate of Bitcoin for a short time will reach $5000 and then $3000 per coin. This may be the case that the decision of the SEC for a Bitcoin ETF will be negative, or will host a major hacker attack, which will force regulators to tighten or temporarily disable crypto-trade on certain platforms, or even entire countries.
But the fact that despite the mass of negative news 2018, and the overall uncertainty in the legislative development of the industry, the rate of BTC/USD stays above $6000 is a positive sign. Although institutional investors are not yet able to come into this market, since the tool bitcoin ETF funds is under consideration by the SEC, however, there are other options. For example, the launch of the platform Bakkt operator of the new York stock exchange with Starbucks and Microsoft can attract big investors in the blockchain industry that if they do not allow quotes Bitcoin to grow, at least, will help to further hold the district about $6,000, as a critical support area.
“International financial center”