- Bitcoin’s Second cross above $6,000 presents dissimilar data
- Bitcoin set for unconditional 2 years long-term uptrend
The sexy outlook of Bitcoin (BTC) in the market gestures that the cryptocurrency is now in hostile array against negative forces that might attempt to clog its success’ striding wheels. Thus, observers are saying the golden cross has been initiated.
The $7,000 BTC hack on Binance exchange dropped a dagger in the heart of the crypto community, including Bitcoin which saw a slight regress in price that seemed like the upward trend of the coin has been bolted down. However, the news later resulted into a blessing in disguise as Bitcoin holds strong above the $6,000 mark.
In respect to the historical trend of Bitcoin since its establishment, a renowned cryptocurrency analyst, Kevin Rooke, identified that the first time Bitcoin hit $6,000 USD was in Oct 29, 2017.
Now that the cryptocurrency has been able to maintain a consistent rally upward for some weeks to surpass a new resistance point -$6,100 as at press time, experts are carefully observing the market chronicles of the digital currency to make a realistic prediction that will keep many at bay.
“Bitcoin first hit $6,000 USD on Oct 29, 2017. Now that Bitcoin is back at $6,000, what has changed”? Rooke said.
While May 8, 2019 marked the second time Bitcoin surpassed the $6,000 spot upward, Rooke, in a comparative chart revealed the differences maintained by the coin on the two remarkable dates.
Even though the 24hours transaction Volume of Bitcoin dropped by 34% as the first date recorded $3.09 billion and the latter registered $2.36 billion, the table identified that the acceptance rate of Bitcoin (adoption) as payment option has been upped by 3.4%, specifying that the virtual currency is moving closer to mainstream adoption.
Also, the present hashrate and Block size of Bitcoin has augmented exponentially by 377% and 31% when compared to values presented for Oct 29, 2018.
Bitcoin’s Transaction per Block also increased by 20%, while the number of active addresses on BTC network dropped by 17%.
Bitcoin first hit $6,000 USD on Oct 29, 2017.
Now that Bitcoin is back at $6,000, what has changed? pic.twitter.com/KKBS5niCcD
— Kevin Rooke (@kerooke) May 9, 2019
Although, there are some backslides in the result, but the fact that the hashrate and acceptance of the cryptocurrency was upped is sure a blessing that would likely bring price accession.
What To Expect: Bitcoin (BTC) Set To Witness Two Years Long Term Uptrend
Series of speculations have been around the price of Bitcoin since it bought a stable sit above the psychological $5,000 support. However, Josh Rager, a crypto analyst, opined on twitter that if history repeats itself, Bitcoin will be up for an unconditional 2 years long-term rally along the upside market trend.
While BTC crossed the 200 EMA on May7, 2019 for the second time in five years, Rager said the first crossover, in October 2015, initiated a drift out of the bear market. The crossing point, then served as a strong support as the crypto coin rallied along the upside trend unperturbed for two years.