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Bitcoin it is trading close to $ 3,500 while managing the daily trading volume of $ 5 billion. Considering that the total crypto market trade volume is $ 16 billion, which has risen from yesterday's $ 13 billion.
Currently, the market is talking about the bitcoin down and if it's really in. Some experts like Willy Woo, a crypto researcher and analyst, believe we have not arrived yet. Due to the high volatility of the volume of coins exchanged, the fund must wait for now.
To balance my pessimism, here is a summary to the side of the bull @renato_shira. Many of our chain indicators suggest that the fund could be close. Although I do not agree with this conclusion, I like the analysis, it is a good summary of the bull's case. Https: //t.co/Qp2A5OjebF
– Willy Woo (@woonomic) January 14, 2019
"The bottom is in. Not yet, so that the bottom is inserted, the volume of coins that change hands becomes stable, currently, is very irregular, synonymous with half the bear's detossion. (In this chart I'm monitoring the volatility of on-chain volume). "
Although he does not agree with the Bitcoin fund, he notices it
"Many of our indicators on the chain indicate that the fund could be close".
Woo shares the analysis of Renato Shirakashi who says he is one
"Good summary of the case of bull".
The co-founder of Scup, Shirakashi presented his case of Bitcoin fund in a blog post that is based on the numbers that relate to the value realized, MVRV (Value of market for realized value) and Report NVT.
He proposes a case stating that at the $ 6,000 level, Bitcoin had a long way to go like
"There was enough refueling, the demand was going down, so prices fell."
But now, as underlined that the demand is still low, the supply is very low. From here,
"With the passage of time, prices are becoming stable, people will start to be safer and demand will increase".
Many argue that there was not enough pain for the market to touch the bottom yet. Although there was not much pain, says Shirkesh,
"People who sell simply do not have the coins to sell, there is no way for the market to go down."
Moreover, when the realized price (the realized value is the approximation of the average price of BTC when it was moved / bought the last time) is above the current price, it becomes much more difficult to sell because nobody wants suffer losses.
The fund for bitcoin has finally reached says Shirakashi but in no way does it mean that Bitcoin is going straight. What does this mean?
"We will be in a range of 3k ~ 5k for a relatively long time, as the request will resume growth (or some major event occurs in the meantime) .There will be a series of small tests that the market will do to confirm that this is a place sure. "
The bitcoin that is in a basic position, however, contradicts the popular vision that runs that the cycles are getting longer and longer.
"It would be the end of this 1-year cycle, just like the one-year cycle in 2014"
which puts the new historical maximum (ATH) for Bitcoin after $ 20,000 from December 2017, in about 3 years.
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