Since the beginning of September, Bitcoin prices have gradually increased from $ 6,100 to $ 6,550, testing the $ 6,800 resistance level on two occasions.
Bitcoin has decreased in price in the last 30 days and every stable asset price decline in the region is higher than the previous decline in value.
On September 9, the price of Bitcoin dropped to around $ 6,100 during the first fall of that month. On September 16, a week after the initial decline was followed by a corrective rally, the price of Bitcoin dropped to $ 6,250, at a point higher than the previous decline of $ 6,100.
On September 26, about 10 days after the second drop, BTC prices fell to $ 6,400, $ 150 higher than the BTC region fell to September 16. On October 4, it was the latest price decline, Bitcoin dropped to an area of $ 6,400 higher.
Does Bitcoin undergo gradual recovery?
Given that Bitcoin has seen a $ 6,000 support level strengthen and asset momentum at the $ 6,550 mark rising, it is very likely that assets will continue to be involved in a gradual recovery throughout October.
A rapid price increase of $ 6,000 strengthened and asset momentum at the $ 6,550 mark increased, it is very likely that assets will continue to be involved in a gradual recovery throughout October.
A rapid price increase of $ 6,000 to higher areas such as $ 7,000 and $ 8,000 in the short term, similar to its movement from $ 6,800 to $ 8,000 earlier this year, is not possible due to a decrease in volume.
If Bitcoin continues to maintain its momentum that has been shown throughout September, there is a possibility that it could break the $ 6,800 level and potentially open the way to the $ 7,000 mark.
However, considering positive regulatory-related developments from Japan, South Korea and many analysts expect the BTC to exceed the main resistance level at $ 8,000 and $ 9,000
Masayuki Tashiro, a leading Japanese market analyst, said in August:
"I am personally bullish, and when the regulatory outline will unite in October, investors who will feel safer will return. I hope that everything won't be too hot like last year, but I'm sure BTC can win back the value of 1 million yen ($ 9,020) within reach. "
Gradual Recovery Is More Possible Than Growth Explosion
Bitcoin and the rest of the crypto market have dropped 69 to 80 percent from valuations in the past nine months, recording some of the steepest price declines in recent years.
Short-term bubbles are often followed by a gradual recovery in value, volume, and market demand. Although the market has begun to show seller fatigue and clear signs from below in the low $ 200 billion range, gradual recovery can be more beneficial for BTC in the long run.
Nothing will happen this year and the price will remain like this. I believe the real action will happen in 2019!
Yeah ... indeed bitcoin in my opinion still doesn't show the high number, I agree with you, but I believe that this is a positive sign and will bring profit over the next few months to bitcoin and other crypto currencies.
The stability of Bitcoin prices which has increased over the past few days cannot be seen at this time, but you are right, I believe that this will have a positive impact on bitcoin in the future.
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Some of the articles I read, the analysts said that the price of bitcoin for the next few months would bring profits but it was still too early to call it a real awakening (bitcoin et al).