Bitcoin buy signal approaching? Bitcoin transactions surge to a 14-month high. These levels haven’t been seen since the peak of 2017’s cryptocurrency bull run!
Weiss, a financial ratings firm, said “the best time to invest could be very near,” citing the “remarkable growth in user transaction volume.” Weiss released a full statement, an excerpt of which reads:
“Despite lower prices since early 2018, our ratings model gives us hard evidence that a critical segment of the cryptocurrency industry has enjoyed remarkable growth in user transaction volume, network capacity, and network security. Equally important is our finding that these improvements are often powered by an evolution in the underlying technology. Therefore, for those willing to take the risk, the best time to invest could be very near.”
The Bitcoin network recorded 383,186 transactions yesterday, according to data from blockchain.com. It’s the highest number since January 4th, 2018, when Bitcoin prices were at $17,000.
Transaction volume is a strong fundamental indicator of growth – it suggests that Bitcoin is being used outside of pure speculation. However, the increase in transactions hasn’t been reflected in the price of Bitcoin, which is stuck at $4,000.
The rising level of Bitcoin transactions suggests that the perfect entry point for Bitcoin could be approaching!
We’ve been waiting for this Bitcoin Winter to end – Bitcoin broke its longest string of monthly losses in February. ThinkMarketsUK chief Market Analyst Naeem Aslam suggests that Bitcoin could surge to $400,000.
““[T]here is a high chance that the next bull run has a minimum potential of pushing the price 5 times higher. That is over $100K. I personally believe that each Bitcoin can go up as much as $400Kand if history repeats itself, this number is not a fool’s paradise.”
Bitcoin has a number of things it must overcome before initiating a full rally. For one, as we’ve noted in the Crypto Traders Pro group, Bitcoin is battling a significant descending trend line. Bitcoin has to close over $4,100 to really convince us that this trend is on its way to being broken.
What do you think? Do you think that the rally is coming? We’ve seen some significantly awesome days – MANA, BAT, and POLY were discussed in the pro group. When’re you going to join us? Let us know if you have any questions, and join the discussion on our Facebook page!
