Bitcoin Will Stage a Neat Show in November – Will Bullish Trends Of 2012 To 2017 Continue

By dan saada November 1, 2019 0
bitcoin bullish

Bitcoin has touched upon $1bn in cumulative transaction fees.  This has the Bitcoin passing it a significant milestone.

A recent survey reveals that more than 200,000 Bitcoin has been paid in transaction fees ever since it had been launched in 2009.

The popularity of the Bitcoin has gone up, and there are more transactions and volume increase with the actual cost of transactions falling below the last year.

 Galen Danzinger, the co-founder of blockchain accelerator, stated, “Bitcoin users transacted consistently on the network throughout the year, and solutions like the Lightning Network grew in size.”

Bitcoin continues through a lot of suffering, and it is not yet considered to be a mainstream method of payment.  The market is improving; investors are maturing.  Increasing numbers of investors are willing to embrace cryptocurrency.  Security is still lagging.  The potential of the Bitcoin can be realized only with improved security features.  Improvements in blockchain technology will help facilitate the transactions.

Twitter has recently invested in a cryptocurrency startup.  Dorsey recently stated, “Crypto needs a trustworthy platform for launching new projects.”  In March 2018, he said that Bitcoin coin might become the sole currency in less than ten years.

Dorsey used to be opposed to privately controlled cryptocurrencies, which were run by companies.  Dorsey had also previously stated, “Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.”

It is expected that Bitcoin will stage a neat show in November.  The mining reward halving is meant to curb inflation, and it is set to occur in May 2020. In the past, the giant token picked up improved bids before six months of its halving.

For nearly six years, the month of November had been a green month for the Bitcoin.  It is hoped that the bullish trends of 2012 to 2017 will continue this year too.

Currently, the overall trend for Bitcoin is bullish.  The cryptocurrency is presently sandwiched between crucial moving averages.

The next support line for the Bitcoin is expected to happen at $8,474. With a contracting triangle breakdown, the hourly chart shows that Bitcoin might probably drop to 8,820, which is a former resistance-turned-support level.

There is a growing motive for de-dollarization, and Bitcoin might benefit from the scenario to evolve as a mainstream currency.  Bitcoin being censorship free is considered to be an attractive phenomenon for those who are willing to transact cross-borders at less cost.