Tuesday, February 18, 2020

The Bottom Is In, Binance Confirms

Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

Several positive news for Bitcoin bulls are still rolling in, as Binance’s recently published research confirms the most popular digital currency has established a bottom and could be on the rise of a bullish ride.

The Bottom is In

The mood among bitcoin bulls and enthusiast have been optimistic and full of promises of late, nothing like the slow, drab end that the end of last year wore for the whole cryptocurrency market. This year, while BTC has started slowly, it has most recently picked up the pace. It’s much talked about surge over the $5000 mark is just as impressive and uplifting as its steady rest about that mark.

Bitcoin bulls are not always far behind in times like this, and they just might arguably be the most vocally aggressive of all. After many suggested the new 5-month high could be the start of a new massive bull run, an analyst on Twitter played down the insinuation and said the surge only suggested an establishment of a bottom instead.

“The significance of the breakout was not new all time highs tomorrow, but a confirmation of the bottom – a higher high, no doubt to be followed by further higher lows,” he tweeted.

Binance recently published research seems to echo the same thoughts too, albeit more emphatically. Publishing a document, titled “Investigating Crypto asset Cycles,” Binance’s research arm reports that there are surely enough signs to suggest BTC has established a long-term floor in the bear market.

Binance research was conducted based on observations on correlations between Bitcoin and other crypto assets, including the US dollar. The research was based on three major factors bordering on correlation, with the exchange revealing that crypto assets listed by Binance exchange itself share some internal correlations by the virtue of being listed by the same exchange: an occurrence they termed ‘the Binance effect.’

The Skeptics aren’t Buying it

Just as there are Bitcoin bulls, there are the cynics, and they have never failed to take the sting out of the buzz. Cynics had a field later part of the year in 2018 as the whole world watched BTC plunge below the shadow of its previous highs,  

The skeptics are not buying the strong stance that many investors are currently taking on bitcoin, and known Korean cynic, Jonathan has expressed his opinion that the bull’s choking stance on BTC might just be the catalyst of a new low of $2000.

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