After a tough couple of weeks that most of the community labeled as a “crypto winter”, Bitcoin has reverted back to $3,800, raising hope of a possible stop to the big sell-off. Since last week, the price of the coin jumped over $300+ on the back of an increase in trading interest. Over the past three days alone, Bitcoin’s price rose by over 10%, starting a turnaround for both the world’s most popular cryptocurrency as well as other crypto assets like XRP, ETH, and EOS. And according to Mati Greenspan, one of eToro’s senior market analysts who spoke to the Independent, the rally may just create a bullish market in the following year.
As Greenpan explains, the jump in Bitcoin’s value was a “strong push” that lifted the market of the floor, one that might establish a new bottom and lead to an overall bullish trend throughout 2019. However, he warns, people shouldn’t be expecting for another “Santa Rally” during Christmas time as there is no strong indication that there will be another December increase. Instead, investors are advised to wait for the next year to bring them further gains.
Bulls in the Lead
Looking at the price charts for the past seven days, you can see a new downwards curve as Bitcoin peaked, dropped, and then climbed back up again. The lowest the cryptocurrency’s price got during this period was on Saturday afternoon, when Bitcoin reached $3,198.67, while the highest price point was hit early this morning, when Bitcoin climbed up to $3,786.28
At a closer examination of the market statistics, it’s evident that the price jump was driven by an increase in 24-hour trading volume which at one point even went over $6 billion. Currently the volume sits at $6.3 billion, which is a healthy sign that the increase could continue, while the market cap is still at a low $65.4 billion.
Our technical analysis shows that the market is quite bullish, with 9 out of 12 technical oscillators and 11 out of 12 moving averages sending a “buy” signal on longer-term charts, and a similar trend observable on the on the short-term stats. The SMA 100 is also above the SMA 200, showing us that there’s less resistance to the upward path and suggesting a further push upwards. If BTC touches $4,000, expect further increases.
Bitmain, Verge, and More Targeted by Facebook Imposters
As reported by the Verge, this month hasn’t gone without any Bitcoin scams on social media platforms. At the start of the month, Bitmain – one of the biggest producers of BTC mining equipment – had some of its Facebook posts commented on by a fake profile using the Bitmain name and logo. The comments reportedly informed users about a new partnership of the company and asked them to send some coins to a specific BTC wallet set up by the imposters.
The Verge was likewise targeted, with an imposter profile commenting that the online tech portal has partnered up with Bitcoin and will be giving away 400 BTC in an exclusive 24-hour promotion to 200 people. In order to receive 2 Bitcoins, Facebook users were naturally asked to first send 0.2 BTC to “Verge’s” Bitcoin address for “confirmation”. How successful were the scammers Verge cannot say for sure, although one can agree that people who are tech-savvy enough to use cryptocurrencies should also be able to recognize such simple scams. Nevertheless, these impostors are always a good warning not to believe every post you read on social media, even if it comes from a verified account.