Signs of trend reversal for Bitcoin (BTC) and crypto markets?

Mar 20,2019 at 05:50 am




There's been a dramatic recovery in the cryptocurrency market over the weekend, reaching nearly $140 billion in value. 

Clearly, people are beginning to wonder if BTC had reached it's lowest level as it has exceeded it's critical level of resistance of $4000 that holds for months. Leading to a compelling argument on Twitter as two crypto enthusiasts share their opinion as to why they believe the market has bottlemed out and that the downtrend that has lasted over a year may be over.


HIGH EXCHANGE VOLUME

Crypto investor and creator of the Twitter app tippin.me, Kevin Rooke, recently posted a tweet detailing the huge increase in daily trading volume of the BTC .


"The volume has increased about 150% in the last five months," he says in the tweet. This is the highest daily trading volume of Bitcoin for over a year and most of the increases took place this month. 
In fact, Bitcoin's daily trading volume has only exceeded $10 billion nine times over the last twelve months. "5 of these days were in March 2019," the tweet continues.


The comparisons between Bitcoin and Gold are nothing new, with many crypto investors calling the BTC"digital gold" over the years. However, the @CabSav9 Tweet recently made an even more telling comparison between the two assets.


After its collapse in the early 1980s, gold took nearly two decades to stabilize and begin to accumulate value again. The Bitcoin, by comparison, seems to have followed a similar pattern. 

Considering @cabsav9 tweet, Bitcoin should start building a major rally soon. and if we were to redraw the chart to follow the trend of gold, the BTC could reach $ 10,000 as early as June of this year.

The Bitcoin is currently trading at just over $ 4030 and above $ 4000 for more than 24hrs according to coinmarketcap and it looks set to make further gains in the week.

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