Op-Ed: November Is Here – Will Bitcoin Repeat Its 2015 Behavior?

With the end of 2018 right around the corner, many enthusiasts and traders alike are probably asking themselves a lot of questions, the biggest one likely being, “What will happen to bitcoin within the next 60 days?”

Out with the Old, In with the New

Since 2015, we’ve witnessed several price explosions for bitcoin during the final months of each year. In 2017, for example, December marked a time when bitcoin reached an all-time high of nearly $20,000. In 2016, bitcoin shot up to nearly $1,000, which was considered a relatively big deal at the time.

However, 2015 is a particularly interesting year in the sense that bitcoin has ultimately repeated its behavior during that time tenfold. Three years ago In January, for instance, Bitcoin fell below the $200 mark and caused panic in the crypto streets. While the currency had ultimately fallen since the year 2013 when it was trading for over $1,000, bitcoin had at least ended 2014 at around the $400 level.

This Looks Familiar…

The following month, the currency crashed and was experiencing its lowest trading volume in some time. From there, everybody’s favorite cryptocurrency spent roughly ten or 11 months trudging through the doldrums until November, when the price spiked beyond the $300 level. Bitcoin had lived in the gutter for virtually one year, then experienced a new high that left people wondering what would happen next.

From there, bitcoin would experience gradual rises throughout 2016 and even greater ones in 2017. In January 2018, the currency would experience several nasty falls that would see it lose heavy percentages of its value, much like what occurred in early 2015. In fact, most of what bitcoin has done this year has mirrored 2015. It has spent roughly the last year in a very dark place, experiencing consistent and regular price drops and seemingly unable to free itself.

Still Time for Something Big to Happen

If bitcoin has repeated its 2015 behavior up to this point, who’s to say things won’t continue? Now that we’re in November, is it possible another rally is headed our way as we saw three years ago? Could bitcoin suddenly begin ascending the financial ladder once again?

The November and December months of each year seem to present wild changes to bitcoin’s overall price and demeanor, and while such a quick jump might appear unrealistic on paper, we’ve witnessed time and time again that in the world of cryptocurrency, nothing is impossible, and traders have learned to keep their eyes open for just about anything.


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Author: Nick Marinoff
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BITCOIN VALUE INDICATOR SAYS PRICE ‘STILL OVERBOUGHT’ BUT BOTTOM ‘NEAR’

The Bitcoin price bottom is “near,” but the largest cryptocurrency still shows signs of being “overbought,” new research released October 1 claims.


UNDERSTANDING ‘WHAT’S GOING ON’

In the latest installment of his ‘Bitcoin Value Indicator,’ tech commentator Hans Hauge brought together multiple factors to create an overview of the Bitcoin price which he says allows investors to “understand what’s going on.”

Hauge notes that increasingly strong technical fundamentals are contrasting with continuing price deflation, suggesting a price bottom will soon appear.

The number of unique addresses using the network, hash rate, and total transaction numbers are all up on previous readings — while prices remain down — he summarizes.

“Bitcoin is probably still overpriced, but the fundamentals are steadily improving while the average price of Bitcoin has continued to fall,” he wrote concluding the findings.

“Make sure you’re ready to make your move when the time is right.”

TOO SOON TO CALL?

Hauge’s technical reasoning paints a decidedly more conservative picture than many sources from within the cryptocurrency industry.

September, for example, saw investor Mike Novogratz publicly call a “bottom” for BTC/USD, a prediction which it has yet to test based on prices at the time.

Others are eagerly awaiting an end-of-year rush for Bitcoin, claiming prices could still expand considerably in Q4. Fundstrat analyst Tom Lee, bullish as ever despite sideways action continuing for months, told the media late August that a return $20,000 was still possible by year-end.

Hauge meanwhile did not touch on the current debate surrounding institutional investors entering Bitcoin markets en masse to dramatically increase activity precisely due to the sideways action of the past six months.

As Bitcoinist also reports today, commentaries remain mixed on the concept, while financial sources in the US are already telling mainstream media that institutional money is entering through less conspicuous routes.

“The Wild West days of crypto are really turning the corner,” Chicago-based investment lead Bobby Cho forecast to Bloomberg.


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Author: Wilma Woo
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