Connect with us

Bitcoin

History does not repeat itself, but it rhymes: Will Bitcoin retrace its 2015 bear market trend?

Avatar

Published

on

Bitcoin [BTC]: History does not repeat itself, but it rhymes: Will the king coin retrace its 2015 bear market trend?
Source: Pixabay

Bitcoin has been pumping continuously since its December 2018 lows, leading many people to believe that the much-awaited bull run has begun. Lending more credibility to this was the occurrence of the Golden Cross on April 23, 2019.

So, has the bull run officially begun? Or is it just a fakeout?

Are The Bulls Back In Town?

There must be underlying hints to this rally, adding more weight to the notion that the bull run has begun. Below are some obvious hints that indicate the beginning of a bull run.

Golden Cross

A Golden Cross is when the 50-day SMA moves over the 200-day MA. Historically, this suggests the possibility of an increase in price. Bitcoin exhibited this Golden Cross in October 2015, following which the price rallied from approximately $200 to $20,000. On April 23, 2019, the price of Bitcoin surged, leading to the crossover of the above-mentioned Simple Moving Averages.

This turned a lot of heads, with leading proponents believing that the rally had finally commenced. Moreover, Bitcoin’s price reached a low on December 15, 2018, lending more weight to the theory.

Weekly Candles

Bitcoin’s weekly chart shows that there have never been 7-weekly bullish candles in a row, which indicates that the bullish momentum on a weekly time-frame has flipped. This pattern of Bitcoin is usually seen during bull runs. Moreover, the weekly MACD and RSI charts are showing bullish indications as well.

More Bullish Momentum

The Relative Strength Index on a daily time frame has reached the 85 to 90 level; the path that RSI is traversing at press time can only be seen during the bull market. The last time RSI hit these levels was in December 2017, the peak of Bitcoin’s bull run. This further adds credibility to the theory that Bitcoin has bottomed and that it has started its rally.

Have The Bears Left Yet?

There are always two sides to a story. There might be a chance that the extremely long wait for a bull run caused some facts to be overlooked.

Golden Cross? More like Rolled Gold

Bitcoin underwent a Golden Crossover in July 2015, which led everybody to believe that the bull rally had started. It was nothing more than a fakeout. Three months later, Bitcoin did an actual crossover, which led to the commencement of a bull rally. If Mark Twain was right, then Bitcoin will not repeat it’s history, but will “rhyme” the movement of the 2015 bear market.

A Closer look at RSI

Source: TradingView

The RSI hit a relatively higher point, but what has it done since that point? It has been collapsing slowly while the price is rising.
If the RSI continues to fall, it is a classic sign of divergence, which is a bearish sign for Bitcoin over a daily time frame.



Fractal History of Bitcoin

In “Bitcoin’s 48 hours are done: BTC’s most important correction move has begun, but to what end?,” there is a mention of how Bitcoin isn’t different from the Internet Bubble or other stocks in the market [in terms of the pattern of the cycle]. According to the above-mentioned article, Bitcoin is yet to bottom, and the bottom, in reference to the article, is somewhere in the $2,000 region, and that this is nothing but a fakeout.

Conclusion

Only time will tell if BTC will go on a bullish rampage or slide into bearish hibernation. Bitcoin is up for a correction soon; the correction might not be a huge one, but there is bound to be a correction before the bull run begins.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

News

HitBTC responds to allegations of insolvency, refutes claims made by Redditors

Avatar

Published

on

HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending