Bitcoin Usage on an Uptrend while Crypto Analyst says, Absolute Disaster for BTC Price in Medium-Term


Bitcoin

Bitcoin Usage on an Uptrend while Crypto Analyst says, Absolute Disaster for BTC Price in Medium-Term

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.

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,

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.”

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.”

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Bitcoin Usage on an Uptrend while Crypto Analyst says, Absolute Disaster for BTC Price in Medium-Term
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Bitcoin Usage on an Uptrend while Crypto Analyst says, Absolute Disaster for BTC Price in Medium-Term
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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.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Anjali Tyagi

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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Anjali Tyagi 440 Articles

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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