Bitcoin Price Heading into ‘Classic Breakout Pattern’: Analyst

[honghe99]

I recently read an article about bitcoin analysis, but I haven't seen any articles describing where the purchasing power of Bitcoin comes from? If there is no purchasing power to support Bitcoin, will Bitcoin itself rise?

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[1Referee]

I recently read an article about bitcoin analysis, but I haven't seen any articles describing where the purchasing power of Bitcoin comes from? If there is no purchasing power to support Bitcoin, will Bitcoin itself rise?

There is enough purchasing power, but it's not the spot market that benefits from it, but the OTC market.

I would love to see a proper Bitmex analysis breaking down how the on-chain volumes are related to OTC transfers more than most people could even imagine. It shouldn't come as a surprise that Bitcoin's on-chain value transfers are higher than all coins combined, and there doesn't seem to be a stop to these volumes.

The spot market is very much related to what retail traders and average joes are doing, and it's clear that the average joes have taken a couple of months off. They'll come back when green dildo season has started, and we might not be far away from that point.

[arpon11]

Bitcoin Price Heading into ‘Classic Breakout Pattern’: Analyst

The bitcoin price has been remarkably stagnant in recent weeks, with the flagship cryptocurrency’s volatility declining to a 17-month low on Oct. 8.

Analysts including Bloomberg Intelligence commodity strategist Mike McGlone have said that this could be an indication the cryptocurrency market is beginning to establish itself into a maturing asset class. But while declining volatility may make the case that bitcoin is a store of value a bit more plausible, cryptocurrency investors, particularly those who placed their bets when the market was near an all-time high, would prefer that BTC plateau while trading near a peak — not languishing in a valley.

Bitcoin Price Heading into ‘Classic Breakout Pattern’
EToro senior market analyst Mati Greenspan says that the market may soon return to its volatile roots, as bitcoin looks poised to awake from its slumber.

Writing in market commentary made available to CCN, Greenspan said that bitcoin’s range has steadily been getting narrower, so much so that it has now reached a tip. This, he said, is a “classic breakout pattern.”
https://www.ccn.com/bitcoin-price-heading-into-classic-breakout-pattern-analyst/

We hope this happened and happen very soon because of the ways we see the market now.  Almost every body are saying that a break out is about to happen and that means at the back end,  trading decision are been made.  Bitcoin is actually going to resume it volatile very soon.  The ranging market is getting smaller and a breakout of the channels is going to create another bull run that  we have been talking about.

[bbc.reporter]

Is $20k - $25k by the end of 2018 still possible? I am asking for Tom Lee hehehe.

In any case, check bitcoin's price dated on November 12, 2017 and where it went from there within 1 month.

[beerlover]

I have never really thought about this part of the equation. I mean what if the whales already made as much money as they can from the volatility of bitcoin and now looking to make money from the ETF and whatever selling it like selling stocks in wall street and in order to do it they need to keep it a bit more stable in order to sell better ?

Maybe after the etf they will just let it loose for a while and have it increased in price like hell and than show people the first people who bought the bitcoin etf made insane profits thanks to it and than sell so much etf that buying or selling bitcoin in order to manipulate the market would probably be worth it since it is still insane amount but less than what they could make from the selling of etf to investors.

I mean sometimes volatility helps them but sometimes it hurts their business so they could be the ones that keep it stagnant all these months so the SEC accepts the etf.