Bitcoin’s daily transaction volume has tanked massively from 360,000 in the 4Q of 2017 to the $230,000 in September 2018.
- “We feel that the industry is on the brink of an implosion," Juniper.
The short-term analysis for Bitcoin shows bullish signals. However, as discussed in an earlier published analysis on FXStreet, Bitcoin is still struggling below the bearish trendline that began in May 2018. Stability in Bitcoin price this October continued to lag the breakout expected in preparation for the surge that has been predicted towards the end of the 4Q.
Experts like Tom Lee of Fundstrat and analysts on finder.com panel predict that BTC/USD will hit $20,000by the end of 2018. However, investors are yet to see any sign of the upward roll. Significantly, the decisions by the U.S. SEC on Bitcoin ETFs could trigger the anticipated rally.
Meanwhile, Bitcoin has reclaimed the support at $6,500. The declines that occurred after the opening of the session today resulted in a slide that found support at $6,440. While the price is still in the red at the time of press, BTC/USD is making headway above $6,500. If a break above the short-term resistance at the 38.2% Fib level occurs, BTC/USD will extend gains to the next support at $6,540. The supply zones at $6,600 and $6,640 will hinder growth as well. The medium-term resistance for BTC/USD is at $6,800 while $7,000 is the ultimate resistance.
In other news, market indicators and their metrics are signaling a crypto market implosion according to Juniper’s Research. For example, Bitcoin’s daily transaction volume has tanked massively from 360,000 in the 4Q of 2017 to the $230,000 in September 2018. At the same time, the value of the daily transactions has plummeted from over $3.7 million to approximately $670 million in the same period. These are statistic from the research released by Juniper titled “The Future of Cryptocurrency: Bitcoin & Altcoin Trends & Challenges 2018-2023.”
“Given our concerns around both the innate valuation of Bitcoin, and of the operating practices of many exchanges, we feel that the industry is on the brink of an implosion," Juniper explained.
BTC/USD 4-hour chart
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