Bitcoin markets are as volatile as ever with prices slipping sub $300 some days and peaking over $320 on others. With the prices casually slipping reducing the bitcoins value bit by bit many have lost faith speculating a complete crash to hit the Bitcoin. Whilst it may be true that the bitcoin markets are currenct bearish, the future holds much to be desired in terms of bitcoin. Many speculate a short but worthwhile bull run to occur mid January.
Bull Run Season
With the holiday season well and truly over, the scene has been set for the markets. With fewer consumers trading in the bitcoins for fiat, the chances of a bull run are higher than ever as the interest in bitcoin slowly surges with buy orders helping to keep the price stable across many exchanges.
Increases in adoption but none seen in price
The previous year had seen plenty of advance in the general adoption of the digital currency with behemoths such as microsoft jumping on the boat. This would have prompted slight increases of the value of Bitcoin, unfortunately Bitcoin failed to respond to any of these events. With the bulk of vendors not accepting Bitcoin entirely, they simply dumped Bitcoin payments sent to the in favor of fiat. How ever with the new year already in full swing, with all advance in adoption already done, the price of bitcoin can finally recover.
Graphs displaying the price of bitcoin already show the beginnings of a premature bull run. With the short price hike experienced earlier prices have been able to maintain a stable figure. This market movement may be the beginnings of the bull run speculated by many due to rhe similarities it shares with many other altcoins. Also with resistance at a minimum and an established support level of 300, Bitcoin has all in its favor at the moment.
The Elliot wave
Regular readers of the site may have read a previous article detailing the Elliot wave theory which was used in conjunction with the markets. The theory used in a range of various either markets was also put into practice on the bitcoin markets and a conclusion was drawn. A trend reversal was due and the January rally coincides. More on the Elliot wave theory can be read here.
Surfing the next bull run will be essential for many traders who have encountered losses over the past year. It is wise to give out a preemptive warning that trading has its own risks involved. The bull run is likely to occur at a steady but fast pace and studying graphs suggests that the bull run may come sooner than expected. Getting in early is key to maximizing profits but waiting for a slow but sure rise will secure your funds. Jumping at the first sight of a price hike may see you miss out on the bulk of market movement.
To conclude the upcoming weeks will be essential to the value of Bitcoin as it seems as if the moment to make or break bitcoin has made its appearance.