In a recent video of Trading Bitcoin, Tone Vays discussed the chances of Bitcoin [BTC] bottoming with respect to price and the time cycle of cryptocurrency.
Tone Vays mentioned that he considered time cycle as an important factor in the analysis of price and indicated that he predicted the long crypto winter to end around the fourth quarter of 2018 to the first quarter of 2019. He added that since the market was volatile, he had also expected the Bitcoin [BTC] bottoming to stretch till at least the fourth quarter of 2019 to the early months of 2020 prior the Bitcoin halving.
He believed that price corrections could occur in the market due to price as well as a time period in the crypto markets and both the corrections would still be valid. Hence, he stated that if Bitcoin [BTC] would have gone below $2,000 in the 1st quarter of 2019, the possibility of Bitcoin [BTC] bottoming would have been around 80 percent.
For the current quarter, Vays predicted that if Bitcoin [BTC] drops down to near $3,000 in this time period, then there was a 50 percent chance the bottom was in.
Additionally, Vays stated, that if the price consolidated in the $3000 range between the time periods of the second quarter of 2019 to the end of the third quarter of 2019, it would mean that the price of Bitcoin had consolidated to $3000 in the last nine months. That would give out a strong indication that the Bitcoin price may have actually bottomed unless the market experiences a flash crash and the price goes even further below and reaches below $2000; which would indicate an 85 percent of the bottom being in.
The debate whether Bitcoin [BTC] has bottomed already or not had been a long speculative discussion since the start of the year. A clear picture is expected surface in the upcoming months whether the prices continue to surge or the real bottom would follow in.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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