BTC seems to be caught in never-ending trouble with the latest news coming that more than 95% of Bitcoin trading is fake. Bitwise claimed that more than 95% trading being done on unregulated is either fake or non-economic wash trading.
8/ Second test: real exchanges have volume spikes that align perfectly (literally on the same hour) because they're all part of the same market. pic.twitter.com/qalAsI09am
— Bitwise (@BitwiseInvest) March 22, 2019
If this claim holds water than the real market value of Bitcoin is capped around $273 million which is much less than claimed $6 billion.
4/ Total daily spot volume is about $270M—95% less than reported. pic.twitter.com/kILQcqOlQR
— Bitwise (@BitwiseInvest) March 22, 2019
Bitwise said that data available on the biggest coin aggregator Coinmarketcap is flawed or of non-economic nature.
Coinmarketcap has huge clout over the crypto market and in the past when some cryptocurrencies were removed from its listing prices crashed unexpectedly.
Coinmarketcap replied that it is going to bring transparency and provide users with new tools. The aggregator is planning to improve the accuracy of liquidity and traffic data.
It should be noted that Coinmarketcap.com is used by a large number of investors for information varying from charts to trade volume.
Technical Analysis
Newly-made discovery in charts of BTC/USD charts has unearthed some serious information on the price action of BTC in the short term.
Amarok a crypto enthusiast made a tweet informing his fellow enthusiasts.
https://twitter.com/ChartofWar/status/1109512784826503170
This tweet insinuated that BTC could trade around $3600 in the near future which is below the 3900 support level.
All crypto enthusiast knows that BTC dipping to fresh lows is out of the picture. This year would make or break the future of BTC.
Another chartist Krillin informed in his tweet that there are two things that could happen this year:
- BTC price could break out of Ichimoku Cloud which is around $5500.
- Due to the pressure of selling, Bitcoin price could fall below $3000.
"Confluence"
The moment of truth for Bitcoin is very near.
We fly straight through the cloud to 5500, or we visit 3000. I'm leaning bullish. pic.twitter.com/15a9QWXpKK— krillin ॐ (@LSDinmycoffee) March 23, 2019
Krillin glanced upon the long terms charts from 2017 and noticed a long-term declining trendline. This declining pattern found by Galaxy are some of the pieces of evidence for this Bitcoin price prediction.
Future of BTC price
Even though the future might be looking gloomy for BTC there are people in the market who are very optimistic. For them, BTC reaching $10000 by the end of the year is a possibility.
Bitmex founder Arthur Hayes who is now ill-famed for once predicting that BTC could reach $50000. In his “Trader Digest,” he suggested that it is highly likely that BTC could reach $10000 by the end of 2019.
