Despite All the Recent Bitcoin Analysts Pullback Predictions; BTC Price is Still Holding
- BTC recently faced strong bearish resistance which saw the price of the asset drop from USD $8,500 to around the $7,600 mark.
- Over the course of the past 24-hours, the flagship crypto asset has witnessed a value gain of around 2.4% — with one BTC token currently trading for $7,916.37 .
As many of our regular readers may recall, on the 10th of June, the price of BTC went up by nearly USD $600 within a two-hour period — that too at a time when a number of analysts were saying that the crypto market was all set to face a massive financial pullback.
In this regard, it is important for us to see why exactly the flagship crypto coin has been able to stave off such bearish pressure and maintain its ongoing upward financial ascent.
A Detailed Look at the Matter
According to the research studies of independent crypto analyst ‘Satoshi Flipper’ who spoke to Cryptoslate, BTCs predicted 30% price correction did not materialize recently due to the simple fact that the infrastructure currently supporting the crypto market has become exponentially stronger than what it was just a couple of years ago.
For example, during the bull run that was observed back in 2017, the altcoin sector at large was heavily dependent on the spot trading market and other cryptocurrency exchange platforms (most of whom portrayed inflated trade volumes anyway). Additionally, according to a recent report released by the BTI — Blockchain Transparency Institute — Binance is the only exchange (out of all the trading platforms in the top 15) that provides its customers with verifiable volume related data.
The aforementioned report reads as follows:
“We found 17 of the CMC Top 25 exchanges to be over 99%+ fake with many greater than 99.5% fake volumes, including 35 of the top 50 adjusted volume rankings. These exchanges have been completely discounted from appearing on our new site and rankings tables. Over 60% of all exchanges ranked on popular data sites have little to no volume and were found to be over 96% fake each.”
Lastly, it should be pointed out that since 2017, the market has matured greatly — with a number of traditional financial institutions also making their way into this nascent domain (especially over the past 12 months or so.)
Other Key Facets Worth Considering
Bitcoin’s 2019 rally has seen the premier altcoin help the rest of the crypto market add more than $9 billion to its total capitalization value.
For those of our readers who might not be aware, a block reward halving is done so as to reduce the supply of a particular crypto asset (as well as control the inflation rate associated with it).