Bitcoin Price Returns to its Baseline
Prices are dipping, yes. But all we know is that prices have returned to its baseline.
Based on the technical analysis (TA) by Coindesk, we can now confirm that Bitcoin will eventually return to its baseline at USD6600
Source: Coindesk
Trendlines drawn at the two lowest points from July an September 2017 showed that Bitcoin will drop to its baseline of USD6600. Bitcoin remains optimistic as there is an increasing trend. If you have bought some Bitcoin at the peak of Bitcoin's speculative period at USD20,000, chances are you are not going get back the value any time soon. Tighter regulations have pushed many large "players" and "pump and dump" groups to exit from cryptocurrencies, leaving the true value of Bitcoin for its future development.
The blockchain technology provides an immutable ledger and trust of anyone that bought cryptocurrencies. Conventional stock markets rely on a value given to you, with the trust of a bank or any stock markets holding your shares. Because of the reliability of blockchain, wallets that store important cryptocurrencies remain valid -- for an entire lifetime and generations. We no longer rely on printed statements issued by banks that may vanish a hundred years later.
Having much attention on the Bitcoin prices have diverted our focus on what really matters: the blockchain mining technology.
New Advances for Cryptocurrency Mining
Graphics card (GPU) maker Advanced Micro Devices (AMD) has updated one of its drivers to better handle the processes tied to cryptocurrency mining.
The release notes for its Radeon Software Adrenalin Edition 18.3.4, published Monday, explained that one aspect of the driver improvement addresses efficiency problems experienced when using GPUs to mine cryptocurrencies.
Source: Coindesk
AMD has released more driver support for cryptocurrency mining and the first of many ASICs miner for Ethereum has been released earlier today (Read more https://techcrunch.com/2018/03/27/ethereum-has-the-asic-blues/). GPU mining has been the main method for cryptocurrency mining for alternate coins such as Ethereum whereas Bitcoin uses the SHA-256 cryptographic hash algorithm that could be efficiently mined with ASICs miners. This shift can potentially increase the chances of Ethereum becoming the best cryptocurrency.
Source: Cryptocompare.com
-tysler
I think technical analysis makes little to no difference. What truly matters are whales manipulating the market. ;)
Good point that Bitcoin has come back to it's baseline. Crypto currencies are here to stay so worth investing now!
fingers crossed, i believe so too!
I really dont know why people are panic for the low prices. It was designed as a hold opportunity for those wanting to remain anonomus with their money. But all should now know that crypto coins are a hold investment for maybe a refresh on the market in say 5 to 10 more years when it is truly an register fiat currency. but for now just so you know the US had bought in and has a regulated stake in the market. SO DON'T PANIC HOLD YOUR COINS FOR THE KIDS AND GRAND CHILDREN. SHIT THEY NAY EVEN HAVE A BETTER GRASP OF BITCOIN ANY WAY.
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