Bitcoin
BTC technical analysis for 1st October 2018. Bitcoin continues to consolidate as we enter Q4 of 2018. We have experienced a prolonged bear market for the first three quarters of 2018, will the last quarter be any different?
https://blokt.com/technical-analysis/bitcoin-continues-to-consolidate-as-volatility-reaches-lows-of-2018I think the last quarter will exhibit a bullish market. We have been in the bear market for quite a very long time now since the year started. Hoping that by the last quarter there will be a recovery when it comes to bitcoin's performance in the market.
Whether we end this year a bear or bull market, I still believe in the technology and always supporting bitcoin. What are your thoughts on this guys?
I can't really deny the fact that the market is indeed showing signs for consolidation and stability. However, it is too early to say that it will continue for a longer period of time, because the crypto market is still on its base building phase. We can't really consider the crypto market as an old market because it is just 10 years old.
So at this point of time, one must not consider the market as a stable one even if it is showing some signs of it. Blockchain as a technology, is very new and the world is yet to undersrand it's full potential. We have only leveraged a minor percent of it!
Even though I personally believe that the crypto market will be recovered to some certain extent before the year ends. But that is completely based on my own intuition and experience.
We usually see such kind of stability in price of an equity before it takes a leap. But the same formula may not stand true for cryptos and we may see the reverse or vice versa. So I just keep my faith on bitcoin and the technology for the time being!