Bitcoin has been trading sideways for quite some time now. We are now in the last quarter of the year with the end just around the corner. Does BTC look well-positioned to end the year on a ‘green’ note? Let’s see.
Is Bitcoin Price Ready to Hit the Five-Figure Mark, Again?
Popular crypto trader and analyst, Josh Rager pointed out his latest observation about the bitcoin market a few hours ago. He noted that BTC has been lying in the sidelines far too long. But the trend seems to be changing. Especially after a $100 move which has taken bitcoin price above the $9300 mark. According to him, it shows folks are badly waiting for this ‘compressed pattern to break out.
He feels that BTC needs to chart a higher high and ‘crack through high volume node (resistance) overhead’. Trading, in general, is 80% psychological, so the word goes. Market movements, especially in the nascent bitcoin and cryptocurrency space, is largely governed by the sentiment of the participants. As it was clearly visible in one of the polls on Josh’s Twitter page today.
A majority want BTC to break past the $9600 mark.
Well-known bitcoin commentator, Crypto Rand presented the case ‘bullish case for bitcoin’ for Q4-2019 a few days back. Applying the falling wedge pattern to bitcoin’s ongoing price action, he expects a ‘reversal pattern’ to play out. This would obviously be confirmed on the breakout of the upper trendline in the pattern. BTC prices could revisit the $14,000 highs attained earlier this year. The scenario is pretty much a possibility.
BTC Realized Market Cap Hits Another High
Realized market cap differs in its calculation from standard market cap. The time since each coin last moved is multiplied by the value of the transaction in which it moved. The result gives a value that some commentators say more fairly shows how dominant bitcoin, in fact, is within cryptocurrency.
Industry observer, Rhythm pointed out today that BTC’s realized market cap has clocked an all-time high of $102.9 billion. This also means that the total amount paid for bitcoin has never been higher than today. This pretty much paints a bullish picture for the market going into the year-end.