When Is The Right Time to Buy Bitcoin (BTC)? – LinkCoin.pro
Last week, by observing core indicators for the trend in Bitcoin price, we suggested the possibility of massive price adjustments in the short term, and the market price from last week proved that our prediction is correct. Now Let’s look at this week’s core indicators to see if there are any changes.
After the hashrate reached a record high of 74.06EH/s, daily hashrate recently fluctuated between a high range of 59.8–69.2EH/s. Therefore, miners still feel confident about Bitcoin’s future even though the hashrate decreased, so it is safer to purchase and store Bitcoin than before. Moreover, the hashrate has always been one of the core indicators for Bitcoin’s value, and it has maintained a stable development trend since last year. Thus, according to the analysis on the hashrate, Bitcoin is more suitable for investments in long-term than short-term.
Last week, the number of transactions continued to decrease, staying at 304,000 for two days. Although the number has been growing slowly since 2018, which shows Bitcoin’s fundamental value, the data has declined on a large scale recently. Therefore, before the transaction volume climbs back, the decreasing trend in Bitcoin Price will continue as any sudden increase in price can only be treated as temporary price adjustments.
The former refers to any address that has made multiple transactions, while the latter refers to any address where just one transaction has been made. Both indexes fell to a record low, which implies a continuing decreasing trend in Bitcoin price.
When Bitcoin price dropped below 10k for a short period, some investors bought Bitcoin at this low price, which caused USDT premium rate experienced a temporary upturn. However, the transaction volume is too small to cause any long-term changes. Recently, the office of New York Attorney General filed a motion against Bitfinex and Tether for unregistered securities offerings, which could heavily affect USDT. If this happens, the Bitcoin price will take a big hit. Therefore, large institutions are more likely to wait for a further price drop to make buy orders.
Google search trend for “Bitcoin” did not change much after Trump criticized cryptocurrency on Twitter. Therefore, the public did not show high enthusiasm for Bitcoin, which is a bad sign.
“Risk comes from not knowing what you’re doing.”
Overall, short-term core indicators did not show a sign of improvement. The decreasing trend in Bitcoin price will continue, and investors need to be patient waiting for the right buying opportunity.
Published at Tue, 16 Jul 2019 18:41:15 +0000
Bitcoin Pic Of The Moment
Bitcoin over red circuit board
By btckeychain on 2013-09-08 11:11:36
