While Bitcoin daily transactions are on an uptrend since April 2018, Bitcoin price doesn’t seem to have any relief this year, according to analysts.
Bitcoin Daily Transactions on a Steady Rise
At the time of writing, Bitcoin has been trading at $3,412 with 24-hours loss of 1.50 percent. The leading cryptocurrency has been managing the daily trading volume of $5.2 billion.
Meanwhile, Bitcoin daily transactions are on an upward movement since mid-2018. A spike in Bitcoin transactions per second is also happening which is currently registering at 3.8. Crypto trader and investor, Josh Rager took to Twitter to share this growth.
$BTC Daily Transactions have been on a steady uptrend since April 2018
After previously topping out at the ATH in December 2017 pic.twitter.com/SWohPH7hjS
— Josh Rager 📈 (@Josh_Rager) February 5, 2019
But Bitcoin price in Danger
In the past week, Bitcoin price has been oscillating between the range of $3,400 and $3,500, according to the data provided by Coinmarketcap.
Bitcoin price chart, Source: Coinmarketcap
Meanwhile, Rager is bearish on Bitcoin price for now in the way that 2019 won’t be seeing any uptrend though bottom and sideways accumulation can be seen,
Much like Murad, I don't have much faith in 2019 for a big turn around 📉
But I do think we could see the bottom this year with 2020 being the beginning of a long term massive uptrend for Bitcoin and other crypto assets 📈 https://t.co/hwmy62hvnL
— Josh Rager 📈 (@Josh_Rager) February 5, 2019
While, Crypto Analyst, Murad Mahmudov shares a chart that is far more bearish. The discussion level around Bitcoin has been declining, even lower than 2015 ad 2016. Though price affects the tweet count, Mahmudov says this “in general isn’t great.”
1/ This screams bearish.
Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed.That is an absolute disaster for the price in the medium-term in my opinion. pic.twitter.com/DTdsUepx1t
— Murad Mahmudov 🚀 (@MustStopMurad) February 3, 2019
Mahmudov further notes that people obsessed with Bitcoin, “particularly in the Western World” have been in Bitcoin space for a while and “Bull markets bring fewer new obsessed & there are fewer of them overall than I thought.”
The biggest use case even still after a decade of Bitcoin’s existence, Mahmudov says, is speculation and this coupled with “human greed are your biggest hope.” He shares that 99 percent of people aren’t in for decentralization or privacy or any of this rather, “People care about making money & getting rich in a short amount of time.”
“You need a complete price exhaustion and attention exhaustion from anyone except the absolute true believers. More people will sell when they realize that this winter will last for even longer than they thought, or that they can potentially buy back in later & lower.”
The crypto analyst further argues the point that it would be rather “healthy for the prices” in the broader market to “collapse here.” This will lead to the transfer of coins from the weak hands to the strong hands who won’t be selling, “no matter what.”
At a level lower than the current one, it will, according to Mahmudov will become “once again attractive for speculative ‘value investors’.”
“This bear market will last for much longer. Those that are building, learning, studying right now of course will be handsomely rewarded in 2023/24.”
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.
