0
📰 News
211 views

Bitcoin Price Has Bottomed in Q1 2019: Delphi Digital Report

Bitcoin Price Has Bottomed in Q1 2019: Delphi Digital Report
Cover image via www.123rf.com
Contents

Bitcoin has finally reached its bottom in Q1 2019, according to the latest report by research and analytics firm Delphi Digital that was recently covered by Hard Fork. Still, many fear that the Tether controversy escalates even further and takes a toll on the cryptocurrency market.

👉MUST READ

Bitcoin (BTC) on the Verge of ‘Historic Bounce’, Further Gains Are Imminent: Crypto Trading Analyst

Bitcoin (BTC) on the Verge of ‘Historic Bounce’, Further Gains Are Imminent: Crypto Trading Analyst

Hodlers didn’t sell in April

If history repeats itself, Bitcoin could replicate 2015 when its price underwent a bullish reversal that was followed by a two-year bull run that peaked in December 2017. The firm states that Bitcoin users are keener on holding their coins based on the “Unspent Transaction Output” (UXTO) metric. 61.1 percent of BTC remained untouched over the course of the last 12 months, and few investors decided to cash out during this April’s rally.

As reported by U.Today, trading vet Peter Brandt also claimed that Bitcoin entered a new parabolic phase, which is usually a good indicator of an upcoming price surge. The number one cryptocurrency also recently formed its very first golden cross.

👉MUST READ

As Bitcoin Price Reaches $5,200 This CNBC Analyst Feels 2017 Bull Market Vibes

As Bitcoin Price Reaches $5,200 This CNBC Analyst Feels 2017 Bull Market Vibes

Tether will positively impact the market

BTC failed to keep up its momentum above its 50-week MA after the crypto industry was caught off guard by the Bitfinex-Tether news. However, it quickly rebounded, and the fact that USDT is not fully backed by fiat didn’t seem to produce any negative impact on Bitcoin or altcoins. In fact, Delphi Digital predicts that the Tether debacle will positively affect the market since it will lead to a “healthy wash-out” of unscrupulous businesses.

“We simply believe the seriousness of this legal action will accelerate the level of scrutiny regulators impose as they attempt to expel malicious actors from this nascent market,” the firm stated.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

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.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings