Bitcoin price is currently in the green while the analyst Mike McGlone says, it’s just a reverse from 2017 frenzy. Meanwhile, Bitcoin unique wallet address is registering big numbers while analysts share their bullish views about Bitcoin’s future.
Analyst says “Market Reversing the 2017 Frenzy”
Bitcoin has lost 82 percent of its value since its all-time high (ATH). At the time of writing, Bitcoin has been trading at $3,568 with over 2 percent gains. The leading cryptocurrency as per the market cap of $62 billion is managing the daily trading volume of $5 billion.
Bitcoin 1 year price chart, Source: Coinmarketcap
Recently, Bloomberg reported that technical data suggests that Bitcoin price is heading into a negative pattern as it stated,
“Bitcoin is caught in a strong selling trend — its most pronounced since the sell-off it underwent mid-year, when the price tumbled from about $9,300 in May to around $6,600 in July, according to the Directional Movement Index. If that plunge is an indicator of how things might play out, then Bitcoin could be in for a continued rout.”
Meanwhile, Mike McGlone, Bloomberg Analyst says, “We’re at a classic psychological stage where the market is reversing the 2017 frenzy.” He also shared,
“There’s little to prevent fading Bitcoin prices from reaching the continuous mean of $1,500.”
Meanwhile, Unique Wallet Addresses Surged about 2x
On one side, Bitcoin prices are on a downward slope while on the other hand, the network is constantly making developments. Unique wallet address is one such factor that is constantly rising as CNBC crypto trader Ran Neu Ner shares,
The drop in prices hasn’t deterred new users from entering the market. 2m new BTC wallets since September, many of the institutional. Don’t let the prices distract you. pic.twitter.com/6lVRJoEgM6
— Ran NeuNer (@cryptomanran) December 10, 2018
Crypto enthusiast and investor Cryptos Batman also tweeted,
In a year where Bitcoin has lost 80 % of its value, the adoption measured by unique wallet addresses has increased by an impressive 50 %, from 20,705,220 last year to 31,142,207 wallet addresses today.#Bitcoin #Crypto #blockchain $BTC
— CryptosBatman (@CryptosBatman) December 10, 2018
Recently, Jesse Lund, head of blockchain and digital assets department at IBM asked people to avail the buying opportunity like most of the banks are doing,
As shared by crypto researcher and analyst, Willy Woo,
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”.
Useful for times of heightened emotion.
— Willy Woo (@woonomic) December 9, 2018
Crypto analysts and experts are still positive and bullish on Bitcoin future as Max Keiser shares his views on Bitcoin’s future as a reserve asset class,
FALSE: #Bitcoin is transitioning from a ‘risk-on’ play (like stocks) to a ‘risk-off’ play (like Gold). Don’t be fooled by the machinations of thus emerging asset class. BTC is headed to reserve asset status. https://t.co/6UqCnO2f61
— Max Keiser, tweet artist (@maxkeiser) December 9, 2018
Unbudgeable confidence in Bitcoin is further evident from the fact that Anthony Pompliano, co-founder and partner at Morgan Creek Digital is willing to put up a bet of $1 million that cryptos will be a better investment than the US stocks. He recently said,
“This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities. A lot of people might look at this and just think we’re bullish on crypto—but you need to look at what asset we’re going up against. Public equities aren’t exactly at their all-time highs either.”