{"id":397134,"date":"2019-09-26T12:00:39","date_gmt":"2019-09-26T12:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=397134"},"modified":"2024-06-11T13:25:49","modified_gmt":"2024-06-11T13:25:49","slug":"bitcoin-price-in-echo-bubble-nope-btc-still-in-macro-bull-trend","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-in-echo-bubble-nope-btc-still-in-macro-bull-trend\/","title":{"rendered":"Bitcoin Price in Echo Bubble? Nope, BTC Still in Macro Bull Trend"},"content":{"rendered":"

Bears are back. After a multi-month long consolidation period, Bitcoin (BTC)<\/a> finally broke down earlier this week, quickly losing all semblance of a bull trend in a spectacular fashion.<\/p>\n

For those who missed the memo, within a few hours’ time, the leading cryptocurrency had fallen from five digits \u2014 $10,000 \u2014 to $8,000, losing the support of a descending triangle pattern. This move marked the most serious bout of volatility BTC had seen in months.<\/p>\n

Related Reading: Bitcoin, the Best Performing Asset Ever, is \u201cStill Very Cheap\u201d: Prominent Investor<\/a><\/h6>\n

As traders were taken aback with this move \u2014 shocked by the severity and speed of this flash crash \u2014 negative sentiment reigned supreme on cryptocurrency forums. Within hours after the move, analysts were calling for $4,000 \u2014 a price point which would put Bitcoin decidedly back into a bear market if it was reached.<\/p>\n

However, data shows that these harrowing fears of a redux of the now-infamous Crypto Winter of 2018<\/a> might be shortsighted.<\/p>\n

Bitcoin is Stronger Than Ever<\/strong><\/h2>\n

Hans Hauge, a senior quantitative researcher at crypto fund Ikigai Asset Management, recently laid out the bull thesis for Bitcoin<\/a>, showing an array of charts and trends as a way to show BTC’s persistent underlying strength.<\/p>\n

Firstly, the 365-daily moving average of Bitcoin transactions is currently at an all-time high, showing that in the long run, there is only a growing level of demand to use BTC.<\/p>\n

https:\/\/twitter.com\/hansthered\/status\/24290048?s=19<\/p>\n

Secondly, Bitcoin’s hash rate<\/a> has continued to chug higher, recently hitting an all-time high of 100 exahashes per second \u2014 which many cryptocurrency proponents say makes the Bitcoin network the most powerful supercomputer on Earth.<\/p>\n

Thirdly, the BTC price continues to increase on a logarithmic scale as the inflation rate of the cryptocurrency slowly peters to zero \u2014 implying that there is consistently a swelling level of interest in the cryptocurrency as an investment.<\/p>\n

Related Reading: Current Bitcoin Price Action Like That of Pre-2017 Mania, Says Analyst<\/a><\/h6>\n

And lastly, the Federal Reserve<\/a>, he claims, is failing in its job to keep the economy under control, proving the fundamental need for a decentralized, non-sovereign, and scarce cryptocurrency like BTC.<\/p>\n

All this, Hauge proposed, is a fundamental signal that “Bitcoin looks great”, even if the cryptocurrency market just fell off a proverbial cliff.<\/p>\n

Not Impenetrable<\/strong><\/h2>\n

While Bitcoin is fundamentally healthier than ever, that doesn’t make it insusceptible to any further potential dramatic price drop from here. Prominent analyst Josh Rager recently brought forth the idea that the cryptocurrency market’s collapse isn’t done yet.<\/p>\n

He remarked in a tweet<\/a> published on Tuesday that as long as this isn’t a bear trap formation, he expects for BTC to continue down to the low-$7,000s, which would represent another 20% drop from the current price point of $8,500.<\/p>\n

https:\/\/twitter.com\/Josh_Rager\/status\/13665540<\/p>\n

Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bears are back. After a multi-month long consolidation period, Bitcoin (BTC) finally broke down earlier this week, quickly losing all semblance of a bull trend in a spectacular fashion. For those who missed the memo, within a few hours’ time, the leading cryptocurrency had fallen from five digits \u2014 $10,000 \u2014 to $8,000, losing the support of a descending triangle pattern. This move marked the most serious bout of volatility BTC had seen in months. Related Reading: Bitcoin, the Best Performing Asset Ever, is \u201cStill Very Cheap\u201d: Prominent Investor As traders were taken aback with this move \u2014 shocked by the severity and speed of this flash crash \u2014 negative sentiment reigned supreme on cryptocurrency forums. Within hours after the move, analysts were calling for $4,000 \u2014 a price point which would put Bitcoin decidedly back into a bear market if it was reached. However, data shows that these harrowing fears of a redux of the now-infamous Crypto Winter of 2018 might be shortsighted. Bitcoin is Stronger Than Ever Hans Hauge, a senior quantitative researcher at crypto fund Ikigai Asset Management, recently laid out the bull thesis for Bitcoin, showing an array of charts and trends as a way to show BTC’s persistent underlying strength. Firstly, the 365-daily moving average of Bitcoin transactions is currently at an all-time high, showing that in the long run, there is only a growing level of demand to use BTC. https:\/\/twitter.com\/hansthered\/status\/24290048?s=19 Secondly, Bitcoin’s hash rate has continued to chug higher, recently hitting an all-time high of 100 exahashes per second \u2014 which many cryptocurrency proponents say makes the Bitcoin network the most powerful supercomputer on Earth. Thirdly, the BTC price continues to increase on a logarithmic scale as the inflation rate of the cryptocurrency slowly peters to zero \u2014 implying that there is consistently a swelling level of interest in the cryptocurrency as an investment. Related Reading: Current Bitcoin Price Action Like That of Pre-2017 Mania, Says Analyst And lastly, the Federal Reserve, he claims, is failing in its job to keep the economy under control, proving the fundamental need for a decentralized, non-sovereign, and scarce cryptocurrency like BTC. All this, Hauge proposed, is a fundamental signal that “Bitcoin looks great”, even if the cryptocurrency market just fell off a proverbial cliff. Not Impenetrable While Bitcoin is fundamentally healthier than ever, that doesn’t make it insusceptible to any further potential dramatic price drop from here. Prominent analyst Josh Rager recently brought forth the idea that the cryptocurrency market’s collapse isn’t done yet. He remarked in a tweet published on Tuesday that as long as this isn’t a bear trap formation, he expects for BTC to continue down to the low-$7,000s, which would represent another 20% drop from the current price point of $8,500. https:\/\/twitter.com\/Josh_Rager\/status\/13665540 Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":396924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,55936,16343],"class_list":["post-397134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-hans-hodl","tag-ikigai"],"acf":[],"yoast_head":"\nBitcoin Price in Echo Bubble? Nope, BTC Still in Macro Bull Trend<\/title>\n<meta name=\"description\" content=\"Bears are back. After a multi-month long consolidation period, Bitcoin (BTC) finally broke down earlier this week, quickly losing all semblance of a bull\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-price-in-echo-bubble-nope-btc-still-in-macro-bull-trend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price in Echo Bubble? Nope, BTC Still in Macro Bull Trend\" \/>\n<meta property=\"og:description\" content=\"Bears are back. After a multi-month long consolidation period, Bitcoin (BTC) finally broke down earlier this week, quickly losing all semblance of a bull\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-in-echo-bubble-nope-btc-still-in-macro-bull-trend\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-26T12:00:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:25:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/shutterstock_281485004-e28.jpg?fit=3000%2C2002\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"2002\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-in-echo-bubble-nope-btc-still-in-macro-bull-trend\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-in-echo-bubble-nope-btc-still-in-macro-bull-trend\/\"},\"author\":{\"name\":\"Nick Chong\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/4c1114650d72d49c455452d2ce5c981a\"},\"headline\":\"Bitcoin Price in Echo Bubble? 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