Mati Greenspan is senior market analyst on the eToro trading platform. In his daily market commentary on Twitter, Greenspan now writes that the signs of a Bitcoin rally have become more and more dense. This would make it more and more likely that the best-known cryptocurrency would soon break out of its holding pattern.
In this context, he also referred to the website Marketwatch, which quoted him as follows:
“It's just a matter of time now. Of course, the flat pattern could easily last a few more months and that would not be a bad thing. But there are exciting signs that bubble under the cool course surface. “
The eToro analyst had previously stated that he recognized a classic outbreak pattern at Bitcoin. He introduced three triggers, which suggested in his opinion, an early outbreak. These included an increasing transaction rate, consistent daily trading volume and the continued growth of crypto activity on Wall Street.
Focus on Bitcoin transactions
In the first quarter of the year, the number of bitcoin transactions per second (TPS) has plummeted, Greenspan said. In mid-April 2018, she was under 2.0. In the second half of 2018, however, the number of transactions per second has risen steadily. At the time of going to press, the rate was back at 2.78. That's an increase of 40 percent in six months. Of course, that is still a long way from the figures for December 2017. At that time, the transaction rate was still at 4.8. However, one has to keep in mind that the current growth has been made in relatively stable market conditions and not during a rally. Greenspan said it was a classic indication that the flat cycle is over.At the same time, the daily trading volume of crypto markets has been close to $ 10 billion in recent months. Previously, it had dropped most of the year. This is “exponentially higher” than the average volumes during the last bear market, Greenspan explained.
As volumes on the crypto exchanges stagnate, trading activity on Wall Street's futures markets is booming. This is illustrated, for example, by the CME Group, which operates the largest bitcoin futures market in the USA. CME reported that the average daily trading volume increased 41 percent in the third quarter of this year (calculated quarter by quarter). CME handles roughly the same daily volumes as Upbit, one of the largest crypto exchanges in South Korea.Overall, it can be stated that Greenspan views the data as a positive indication of the short and medium term future of the crypto market. Greenspan is not alone in his analysis, as other experts also expect a future increase in the Bitcoin price.
Sources: Twitter, Marketwatch, Bitcoinist, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/kryptowaehrungsanalyst-bitcoin-kurs-ausbruch-is-nur-eine-frage-der-zeit/
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