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Has Bitcoin bottomed out yet?

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Bitcoin

As Bitcoin alongside the whole market keeps going down there’s a question in everybody’s mind: are we at the bottom yet? This is not a pessimistic question at all. We all know that the market will recover sooner or later, but we also know that won’t happen until it reaches rock bottom. So what answers do we have?

Well, there are no sure answers, but technical analysis can bring some light into the question and, maybe, guide the way.

Some twelve hours ago, Bitcoin was at around $4100 and the chart allowed to apply a model called “cup and handle.” Without going into technical and mathematical detail, this model is a prediction that says the price will go down as if rolling down inside a bowl, reach the bottom, and then go back out rising on the bowl’s opposite side. One of the most popular projections using this model extends from today until next March (that would be the time at which the market will be steadily rising again).

According to the “cup and handle” Bitcoin still has a long way to go down. Probably as low as 3000.00 USD before it will bounce back and rise again. At this point, it should skyrocket.

The next pertinent question would be how accurate is the “cup and handle” model. Well, the thing about technical analysis is that it is has nothing to do with certainties but with probabilities. Nothing is written in stone, the best you can say about it is that it’s likely.

Some analysts give this prediction a probability as high as 70%, but the truth of the matter is that we still lack enough relevant data to support it. And that’s one of the reasons why buyers are staying away from bitcoin and sellers dominate the market. There’s just not enough data about the long-term to make an educated choice.

One thing that’s been materializing over the last half a day is that Bitcoin has been going down very quickly. It’s at $3,739 as we write this. Since it’s broken so many psychological barriers this year, it’s quite likely that it will keep going down and hit $3,000 some time not too far in the future.

It could even be this week, but there’s no way to know. It keeps going down as we write this article, so the answer to the article’s question is, quite clearly that no, we have not gone all the way down yet.

The good news is that the Bitcoin market shows signs of maturity, even as it plummets. The current BTC trading volume is of roughly 6.5 billion, and it remains the most traded asset with a market share of 54%. It’s expected for this share to go up to 57% as it keeps losing value and people traders try to get rid of their bitcoins.

Just to finish, don’t let your wishful thinking get the best of you. Bitcoin (BTC) could bounce back at any moment, but for the trend to be broken, a change in price is not enough. It has to be accompanied by a massive increase in trading volumes.

Until both things happen at the same time, any rise in Bitcoin price will be fake, just a natural market fluctuation that will be meaningless regarding the bigger picture. So just be patient and disciplined. Keep watching the market. It will bottom out, and the right time to get in will come soon.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

Bitcoin

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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