Bitcoin prices have been quite steady throughout the year and considering the prices for 2018, this year’s price is much more fruitful. However, the prices have not shown any signs of returning to the all-time high figures yet. However, looking at the monthly low figures of the Bitcoin prices indicates something really good. There is a strong indication that the upcoming Bull Run could be pretty big.
Bitcoin is a store of value in the making
IN 2018, Bitcoin prices fell from a price of about $17,700 to the lowest point of $3,200.This marked an overall 82% decline. The trend has been quite the opposite so far with a gain of about 270%. From the low figures of $3,700, the prices have gone to about $13,800. However, it can be pointed out that the price is still 47% below the highest point it has ever reached and it is definitely a long way to go. But the notable thing here is that the gains were slow but quite steady. This is an indication of accumulation and building of a store of value rather than an all-out bidding race. But if you are a novice you can take advantage of trading robots like https://trustedbrokerz.com/trading-software/bitcoin-evolution if you are an amateur in this field.
In 2017, Bitcoins surged from $6,000 to $17,000 in a little over a month and it fell down just as quickly. Misir Mahmudov, the industry observer, has been observing the monthly low prices of 2019 and it shows a steady increase over the last 6 months. This indulges much more reliance on the cryptocurrency this year than what went down 2 years back.
The monthly low figures are a sign of how strong the bull rally would be. This would not be a few months like what happened back in 2017. The run going down in 2019 is just the beginning of a very strong bull run. The Bitcoin markets have now entered a phase of consolidation and the prices are sticking around $10,000. This has been going on for about 2 months and this indicates that this might be a new floor or support zone. There have been no huge price droppings this time. The current correction remains in line with the previous figures at about 30 per cent.
Charlie Shrem, a founding member of the Bitcoin Foundation, has also noted this market movement and looking forward to the next bull rally. If everything goes on as they are doing at present, the growth would take much longer but the bull run would be much larger than the last one. Some analysts have speculated a new peak and some are agreeing on the fact that Bitcoin prices would cross $20,000. There would be a lot more institutional investment products from bitcoin than what existed back in 2017.
Bitcoin prices are strengthening around the $10,000 mark and are holding still. Investors can take opportunities of the present market and make the most out of it.