Bitcoin [BTC] revisits old highs but history paints a different picture; bull run awaits

2019-5-19 22:30

Opinion: Bitcoin’s rally from April surprised everybody as the price increased by 107% in under 45 days in a bear market. This made a lot of the users believe that it was the start of a bull run. However, a few people in the ecosystem think otherwise and are waiting for the confirmation of the start of the actual bull run.

But why isn’t this a bull run?

Source: TradingView

Bitcoin has risen dramatically, which shouldn’t come as a surprise considering the previous rallies. Usually, there is momentum behind such rallies, and the momentum reduces as time progresses, which leads into a correction phase. If it is a reversal of trend, then the price creates a higher high. In Bitcoin’s case, this hasn’t happened yet and hence a lot of users are waiting for the correction which is a confirmation.

Proceed With a Grain of Salt

History of price action gives an idea of the things to come, but it has to be taken with a grain of salt. The price of Bitcoin has a history of increasing significantly the year leading to halving. The third halving is set to happen on May 23, 2020, which leaves us with a year and a few days.

The chart attached below gives a similar view of the things to expect with Bitcoin’s price in the year 2020. From the charts, it can be clearly seen that Bitcoin was making higher highs and surging a year leading to the halving date.

Source: TradingView

The main focus on the chart is the parabolic move that Bitcoin has performed, not once, but thrice, and this is approximately a year away from the halving. This parabolic move always leads to a sharp correction, proceeded by a bull run, which is a longterm action. Looking at a short-term price movement, the price has undergone a correction of approximately 30%.

If the same is to repeat itself, and the price of Bitcoin corrects itself by 30% it would put the price of Bitcoin in the $5,800 ballpark. Bitcoin started this correction on May 15 but failed midway when a huge sell order was executed on Bitstamp, causing the price to dip by 20% in a few minutes.

The repetitive nature of price pattern is usually attributed to market psychology and the Bitcoin market largely runs on emotions. Moreover, there needs to be a higher low formed to further confirm the change in market trend.

Conclusion? Readers can be cautiously optimistic.

The post Bitcoin [BTC] revisits old highs but history paints a different picture; bull run awaits appeared first on AMBCrypto.

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Bitcoin’s [BTC] present bull run is significantly different than its last bull run in October 2017, reports Twitter user

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2019-4-4 09:30


Фото:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03


Notes on Blockchain Governance

In which I argue that “tightly coupled” on-chain voting is overrated, the status quo of “informal governance” as practiced by Bitcoin, Bitcoin Cash, Ethereum, Zcash and similar systems is much less bad than commonly thought, that people who think that the purpose of blockchains is to completely expunge soft mushy human intuitions and feelings in favor of completely algorithmic governance (emphasis on “completely”) are absolutely crazy, and loosely coupled voting as done by Carbonvotes and similar systems is underrated, as well as describe what framework should be used when thinking about blockchain governance in the first place.

2018-7-21 23:03


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