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Bitcoin Bear Market Essentially Over as Report Notes a New Accumulation Phase for Cryptocurrency Market

Bitcoin Bear Market Essentially Over as Report Notes a New Accumulation Phase for Cryptocurrency Market
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There is little doubt that now, into the second quarter of 2019, the cryptocurrency market is in a remarkably better place than it was through most of 2018 in terms of market confidence and sentiment. Continued drops and lack of moves to good news are all but over.

That bearish market, which lasted longer than any in Bitcoin’s 10 year history, came after one of the biggest bull runs seen by any sort of asset, and was to be expected after parabolic gains. But now, the bear market seems to be at an end.

A report from digital assets fund Adamant Capital has suggested that while it is hard to put a firm date on the end of a bear market, Bitcoin and the rest of the cryptocurrency market have entered an accumulation phase.

Heavy accumulation

The report has called this current phase of Bitcoin’s market one of ‘heavy accumulation’, but even more interesting is that the report has also managed to draw parallels to the last major bear market of 2014 – 2015. Following that bearish trend, the markets gave way to a good bull run, which suggests that the cryptocurrency market may be ramping up towards significant future price increases.

The accumulation they mention now seems to suggest, according to the report, that Bitcoin will trade in a corridor between $3,000 to $6,500 before the true bull run is sparked.

“During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece,” said the report.

Mass adoption on its way

The report is also suggesting that this bull run that is set to follow could also be the catalyst for the final stages of mass adoption. The big drop from the last rally scared off the volatile traders and left only the Bitcoin backers, explaining the low levels of volatility recently.

More so, as millenials grow more into investing and wealth management, they will look more and more towards Bitcoin as the banking sector continues to let them down – this will also help drive mass adoption

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
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According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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