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Bitcoin Indicators Suggest Buyers are Accumulating

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Bitcoin indicators suggest buyers are accumulating

bitcoin Indicators Suggest Buyers are Accumulating
Bitcoin (btc)

bitcoin (BTC) may be stagnating in its most boring range since early 2017, but this shouldn’t be taken as bad news. In fact, there is plenty of evidence to suggest that the market-leading cryptocurrency has indeed found its bottom for 2018. 

We Are All Unique

bitcoin’s volatility and trading volume may be down (and down significantly), but unique addresses are continuing to rise — signaling that buyers are indeed present and looking to accumulate BTC at current levels.

Btc unique addresses

Forbes recently observed the same data, commenting:

This trend can be explained by the fact that investors remain optimistic about a surge in bitcoin prices from the SEC potentially clearing the first bitcoin ETF over coming months. The anticipation of large gains with a limited downside has helped the number of bitcoin users increase steadily over the last five months, even as the ensuing buy-and-hold strategy followed by most investors resulted in bitcoin pricing fluctuating very little.

Indeed, all eyes remain patiently fixated on the SEC and it’s pending decision regarding a bitcoin ETF — which many anticipate will provide easy access for institutional investors and Wall Street traders to join the party. (However, it is easy to argue that such traders have already been playing.)

The aforementioned business magazine’s analysis claims that an approved bitcoin ETF could push the price of the first and foremost cryptocurrency past its all-time high of approximately $20,000. A declined instrument, on the other hand, may see the price of BTC fall below $4,000.

DMI, or TMI?

Meanwhile, Bloomberg has come out with another claim that bitcoin may be in for some gains in the near term — touting a pair of technical indicators as evidence.

Bitcoin breakout

The media company’s chart (reproduced above) focuses on the bitcoin’s Directional Movement Index (DMI). Notes the author:

A look at the long-term trend lines in bitcoin’s Directional Movement Index (DMI) shows it entered a new bullish phase. In addition, the price trends broke out of their VERA band upper limit, widely considered an encouraging sign. The digital token could see a rise as it approaches year-end.

Fingers crossed.

Are you encouraged by bitcoin’s current price action? (Or lack thereof?) What do you think will happen after the SEC delivers its ruling? Let us know your thoughts in the comments below!

Images courtesy of Shutterstock, blockchain.info, Bloomberg.

The post Bitcoin Indicators Suggest Buyers are Accumulating appeared first on Bitcoinist.com.

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Deutsche Bank Strategist: Reign of Fiat Money Will Soon End, Will Bitcoin Take Over?

Deutsche Bank lead strategist Jim Reid believes the reign of fiat money could soon end and cryptocurrencies like bitcoin could take over the global financial market.

In a recently released research paper, Reid delve extensively into the unstable fiat currency system and firmly stated that the fiat currency system will highly likely come to an end in the upcoming years.

Reid stated:

“Central banks and governments which have ‘dined out’ on the 35 year secular, structural decline in inflation are not able to prevent it rising as raising interest rates to suitable levels would risk serious economic contraction given the huge debt burden economies face. As such they are forced to prioritise low interest rates and nominal growth over inflation control which could herald in the beginning of the end of the global fiat currency system that begun with the abandonment of Bretton Woods back in 1971.”

Will bitcoin Evolve Into a Competitor Against Fiat Currency

In his paper, Reid essentially criticized the centralized nature of fiat currencies and the ability of governments, authorities, and central banks to manipulate virtually aspect of paper money, including inflation rates. Due to the existence of centralized authorities within the fiat currency system, Reid emphasized that it is vulnerable once it loses its leverage over the global economy, likely triggered by the emergence of decentralized currencies like bitcoin.

“It’s possible that inflation becomes more and more uncontrollable and the era of fiat currencies looks vulnerable as people lose faith in paper money,” added Reid.

He further noted that cryptocurrencies like bitcoin, despite the growing interest from the traditional financial industry in blockchain technology, have the potential to take over fiat currencies and operate as the global monetary system, given their open structure and decentralized systems.

As security and bitcoin expert Andreas Antonopoulos previously explained, bitcoin has an advantage over fiat currencies because it is voluntary. It does not enforce any regulations and policies through violence, and it does not require a certain group of individuals and businesses to use the digital currency for leverage. Anyone can choose to use bitcoin as a currency, a store of value, and a safe haven asset at their will and demand.

For this reason, Reid stated that there exists a possibility of cryptocurrencies eventually competing against national currencies and the fiat currency system.

“Although the current speculative interest in cryptocurrencies is more to do with blockchain technology than a loss of faith in paper money, at some point there will likely be some median of exchange that becomes more universal and a competitor of paper money,” Reid noted.

Long-Term Growth of Bitcon as a Global Currency

The long-term price targets of prominent financial analysts like Max Keiser at $100,000 assume that bitcoin will evolve into a major global currency and penetrate the market of gold. If bitcoin can compete with fiat currencies in the upcoming years, the market valuation of bitcoin would likely be able to reach a few trillion dollars, which is an optimistic long-term indicator for bitcoin investors.

The post Deutsche Bank Strategist: Reign of Fiat Money Will Soon End, Will Bitcoin Take Over? appeared first on NEWSBTC.

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