Over the past 24 hours, the crypto market has recovered slightly from $ 120 billion to $ 123 billion. The Bitcoin price has therefore been able to prevent a further decline below the $ 3,600 mark.
Bitcoin Price at $ 3,627
The Bitcoin Price avoided a further decline below $ 3,600 , Ethereum was able to recover relatively quickly from the delay of the Constantinople Hard Fork. This delay caused a drop in the price of the ETH by 10 percent from $ 130 to $ 116 yesterday.
Forecast: Only Slow Rise for Bitcoin Price in 2019
Due to the intensity of past sales, there is a great risk that the price of Bitcoin and other cryptocurrencies will fall short of support levels in the near term.
Some analysts believe that the king of cryptocurrencies in the world The last phase of the one-year bear market has dropped to its 12-month low of $ 3,122 (last December) before rebounding to the end of the year.
Eric Thies, a crypto-currency technical analyst, said that similar to Bitcoin's move in 2015, one could expect a strong upward move until the end of 2019.
“Similar to 2015, 2019 could be the year of accumulation”, he said. Even if the Bitcoin price in the coming weeks in the range of 2,000 to 4,000 USD has a high volatility.
Volume of Bitcoin remains low
However, Willy Woo, who is known for his work at Woobull.com, said Bitcoin's on-chain volume will remain relatively low. This suggests closing the Bitcoin price floor.
Woo explained that Bitcoin's sharp decline from $ 6,000 to $ 3,122 led to an increase in volume, but showed no signs of the start of an accumulation period / p>
Despite the technical build-up that suggests bullishness, there is not much volume on the Bitcoin chain to spur a longer uptrend. What we've seen in the last 7 weeks has been an increase in volume in the chain. So the sale and purchase of Bitcoin on crypto exchanges. The initial volumetric peak falsely indicated that the bear market could soon end.
In reality, the increase in bitcoin volume was just a side effect of volatility. This move from 6k to 3k USD generated huge trading volume, but it was by no means a signal that the accumulation volume had started.
Bitcoin and other important ones may take a few months to complete Crypto-currencies are showing signs of accumulation in the cryptocurrency and over-the-counter (OTC) trading platform markets.
Until then, most analysts expect high volatility in a low price range, which may cause Bitcoin Course revisits its year low.
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-prognose-2019-is-a-accumulation- year-for-bitcoin-course-result-bis-years-end-expected/
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