Bitcoin has stopped after three Years of growing, but why it is good?

Lebedev

Lebedev

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Jun 26, 2018
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We can now see another stage of cryptocurrency market cyclic behavior. Head of CoinCover is sure that no one should worry about the today’s collapse.

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Bitcoin has lived the worstest month in its history since the year 2011, lost almost 40% of price that was in November. Nowadays skeptics say that bitcoin is dead or it’s going to the absolute zero, though many experts don’t think that this is true and believe in the great future of cryptocurrency market

People who have been in crypto for very long, since the foundation of blockchain are sure in that today’s fall will only take some time because huge volatility of price is a characteristic of just emerging market, which is caused by overflow of people’s anxiety and unsure position of world’s government.

This way, Daniel Scott, the head director and cofounder of the largest cryptocurrency exchange platform CoinCorner is convinced in that we simply have to wait until the storm won’t be over.

'We’re not concerned about BTC’s price plummet' says Danny Scott CEO of CoinCorner

Let’s now take a look at statistics to make ourselves in what Danny says.

Bitcoin had been growing for more than 3 years, in the very end of this year this trend has stopped.

Stats say that during the last months of previous 3 years the main cryptocurrency grown on 14%, 30% and 40% respectively. In the recent year this trend is ended.

To begin with, compelling leap of bitcoin price below the 21 months’ Exponentially Weighted Moving Average (EWMA) was a signal pf beginning of the new bearish trend. As it really is, if look at long-term perspectives bears now have the full control over the market and bitcoin price now is even lower than EWMA, which is approximately $5747 while bitcoin price is only $3200.

Besides, correctional step from nowadays limit in size of $3200 bring bitcoin price to as high as $4410, what has shown a really powerful bearship position considered to be after falling lower than 21-months EWMA.

If we take a loot at the history, we will see that similar situation took place in the year 2013.

How the picture tells us, bitcoin has shown a positive dynamic in the decembers of 2010, 2011 as well as 2012, before it stopped growing trend in the next 2013’s year with the fall in price in size of 33%. Today’s cryptocurrency market feels the same problem.

To sum up everything, we can make a logical conclusion of that nowadays falling of bitcoin and altcoins is nothing, but a normal step in the cyclical cryptocurrency (as well as any other market asset) behavior, and there are lots of new heights and achievements waiting for us in the future, they will still however, be rotated with falls and losses.
 
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