Bitcoin (BTC) Might Hit a Fresh Bottom of the Year, Before Going for a Bull Run

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Bitcoin (BTC) is the current ruler of the cryptocurrency market and is a form of electronic cash. Cryptocurrencies are virtual currency without a unified bank or a central administrator to control and maintain the transactions. This digital cash can be sent from one user to another on the peer-to-peer network without the need for intermediaries, adding an additional layer of security and anonymity to the transactions. These exchanges are further verified by nodes present in the network, through cryptography, and a record of the transactions are kept in a public distributed ledger called blockchain. Created for rewarding a process known as mining, Bitcoins can be exchanged for other currencies, products, and services. According to research by the University of Cambridge, in the year 2017, there are about 2.9 to 5.8 million users that use any cryptocurrency wallet and a majority of them were using Bitcoin.

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As per Coinmarketcap, on May 01, at UTC 09:34, Bitcoin (BTC) was trading at 5,381.18 USD, with an ROI of 3,877.22%. Bitcoin’s last 24 hours trading volume was approximately 14,059,678,260 USD. Additionally, it’s market capitalization at the same time was around 95,116,510,393 USD, along with 17,675,787 BTC chips in circulation. On April 06, Bitcoin’s value was around 5,059.82 USD, however, today, after 25-days, the price of the crypto jumped off by a large margin, and it currently is trading with a thumping hike of 6.35%.

Historically, Bitcoin (BTC) hit the top of the Bollinger Chart on Dec 17, 2017, and traded at 20,089.00 USD. Nevertheless, on Jul 05, 2013, it dropped to the bottom and priced at 65.53 USD. Yesterday’s high and low for Bitcoin (BTC) was 5,363.26 USD and 5,224.19 USD respectively. While the coin opened yesterday at 5,247.73 USD, it closed at 5,350.73 USD with a cumulative hike of 103.00 USD (1.96%). The total trading volume of Bitcoin (BTC) for the previous day was of 13,878,964,574 USD.

Bitcoin (BTC) Price Prediction:

There was an unprecedented rise in the value of Bitcoin last week when it almost touched the level of $5,600 before dropping down soon afterward. The picture seems to be a bit shady if you look at it on the basis of the trading volume. In just a week duration, the trading volume in the crypto dropped from $18 billion to $12 billion. At the time when most of the analysts and crypto experts are considering that the Bitcoin bull market to have started, there is a slight change of fall back as no one is certain of what might happen in the cryptocurrency market in a blink of an eye. Furthermore, Bitcoin might hit the bottom levels of around $3,700 just before kicking off the bull run good days ahead.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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