A Bitcoiner’s Best Friend, The Crypto Dog: A Raging Bull Market Could Bust Out with Recent Trading Volumes
Since more than a year, Bitcoin has been in a bear trend that has dragged the whole market to new lows. However, Bitcoin (BTC) registered the first green month after July 2018, thus it is something very positive for the whole ecosystem. The main question is whether Bitcoin will keep growing or it will just keep falling before starting to grow.
Bitcoin Growing Volume Could Star A Bull Market
Although trading volume in crypto exchanges has been falling during the last year, in the last 24 hours, cryptocurrency exchanges have registered increased volume. According to the crypto analyst The Crypto Dog, this volume is not representative of reality or it means that we are about to enter a raging bull market.
The volume could not be representative because it could possibly be wash trading that exchanges perform to attract a larger number of users.
Either this volume isn't representative of reality (possible, could be wash trading being calculated in here), or we're about to bust out into a raging bull market.$crypto #Bitcoin pic.twitter.com/nT7DplNVYt
— The Crypto Dog📈 (@TheCryptoDog) March 6, 2019
According to him, there are several cryptocurrency exchanges that seem very “shady” and that claim to have trading volumes that they definitely do not have. He went on explaining that there is no information regarding how analytics providers calculate trading volumes.
There is a cryptocurrency exchange called BitMax that was launched a few months ago. The platform explained that there are trading bots and also market makers on their platform. The volumes related to BitMax seem to be very high compared to other platforms.
According to Mati Greenspan of eToro, believes that these high levels of trading volume could be genuine. He explained on Twitter why this increased activity among exchanges could be very positive for the crypto space. As he mentioned, “more meaningful moves” could be related to higher volumes.
Now, individuals in the crypto space are waiting for Bitcoin to be able to break above $4,200 which has been a very strong resistance level to break through. Once this price level is surpassed, Bitcoin could move towards $6,000.
According to the cryptocurrency trader and analyst Alex Krüger, Crypto Twitter has already capitulated.
Crypto Twitter has already capitulated. pic.twitter.com/0OV0GciSnP
— Alex Krüger (@krugermacro) March 7, 2019
As he shows, Bitcoin-related tweets have already capitulated since they dropped under 2015 levels. This might not be necessarily positive for the market. There are other analysts that think that Bitcoin could eventually drop under $3,000 before starting to grow once again. With an increasing volume, we could experience a more volatile market. This might be just the beginning of the end of the bear trend in which the market is for more than a year.
At the time of writing, Bitcoin is being traded around $3,900 and it has a market capitalization of $68 billion.