Bitcoin has been stuck at around $31,000 for some time now. While some were expecting the price to fall over the weekend, others believe that the market might be awaiting a rally in the following weeks.
Some traders are saying that the last Summer price rally might be repeated this year as well, expecting the bitcoin price to increase. Around the world, almost every market expert and analyst have given their predictions and insight into the bitcoin futures price movements.
In most cases, analysts are doing massive and extensive research into the market, using different types of data, including market conditions, charts, and general sentiment in the market to determine the possible direction of prices. However, some are choosing the easier way, looking at the history of bitcoin and the possible changes that we might predict according to the historical data.
Depending on last year’s performance, some are awaiting a huge rally of bitcoin. The cryptocurrency last week was a little bit over $31,000, but it had not moved much over the days. There are many who believed that the weekend would cause the break below $30,000 support, which has been strongly held for a long time by bitcoin.
While the volume was down around 12 percent, all of the other metrics are very much stable. Compared to the price of the last year, the price of bitcoin is over 3 times more than it was last time. However, it is still almost half of the price it had in May when it was selling at an all-time high of $64,000.
Possible breaking point
One of the Twitter users has decided to offer his insight into the possible bitcoin price direction in the coming weeks. Going with the name CryptoKaleo, this user reminded traders of last year’s bearish outlook, which was followed by a massive take-off.
The user recalled the period from July 9 to July 20, saying that despite the bearish outlook, when bitcoin seemed to be stuck at a range, the fate changed quickly on July 21 and the cryptocurrency started increasing.
But, this trader is not alone. There are many others who are awaiting the bitcoin rally this year, and although it might not be 100% correct to believe that history will always repeat itself, there might be some truth in these predictions.
The thing is, the performance of bitcoin this summer is very similar to the one of last year. Being stuck at a certain level, many are waiting for it to break below the support level, and instead of doing so increasing – there are simply too many similarities that are hard to be ignored.
If the trend proves to be true and the price of bitcoin increases, we might be seeing another rally of bitcoin this year, which already had a huge success in the first half of the year.
Crypto trading and things to consider
Due to the recent surge in crypto popularity, there are numerous people who have decided to invest in cryptocurrencies. The number of crypto traders in the market has increased drastically over the past few years, mainly due to the fact that it is very easy to access the market.
There are numerous crypto exchanges in the market that offer traders quick access to the market. Using these exchanges, you can buy, store, and sell cryptocurrencies using one platform.
But, trading cryptocurrencies is not easy. There is a lot of time and effort that investors have to put into research and understanding the market before they are able to successfully trade cryptocurrencies.
To make trading easier, several companies have created trading robots that are capable of analyzing the market for traders. For example, one very popular trading bot in the market is created by Bitsgap. The bitsgap trading bot is capable not only of analyzing the market but trading crypto for you as well.
The simplicity of such trading bots makes them very popular among traders. Bitsgap has partnered with over 25 cryptocurrency exchanges in the market. Once you register, all you have to do is to provide the bot with your API key and secure key, and the bot will connect to your account and the exchange you are using.
Using such trading bots can help you analyze huge chunks of data in a matter of minutes, which makes it a very efficient and time-friendly option for crypto traders. On the other hand, analyzing the market on your own would take several hours. Since things are changing so fast in the crypto trading market, trading bots can be a great help.
History might repeat itself
Although there are some skeptics saying that the same trend seen last year won’t be happening this summer, there are others who believe that things are going exactly that way. At this point, there are several things that are affecting the performance of bitcoin. Among them is China’s recent crackdown on leading crypto miners in the country.
On the other hand, bitcoin is enjoying some positive developments as well. Last month, El Salvador announced that it would adopt bitcoin as a legal tender. This might be a sign that bitcoin is getting closer to the long-awaited mainstream adoption.