With the roller coaster ride of the bitcoin, it has become to predict the future of the currency. This has raised the necessity for the Bitcoin Price Technical Analysis. After this, we can predict the future of the bitcoin that is – if it going to survive or not.
Bitcoin is the first cryptocurrency that came into the existence in 2009. Since then many new cryptocurrencies has emerged but it has been the poster boy in the crypto world. It has seen its own fair share of highs and lows. This resulted in it being one of the most volatile currencies in the world.
Even at present, the price is changing very quickly. So what can you expect from it and what are the factors which can play a major role in the future.
Bitcoin Price Technical Analysis
There are some of the points which can help us to decide the future price of the bitcoin by considering all the technical aspects. So let us discuss the points which have and which are going to affect the bitcoin.
Institutional money can play a vital role in the improvement of the present condition of the bitcoin. But the problem is they are afraid of the continuous change or volatility of the bitcoin. This has decreased the confidence of the investors in it.
But somehow they decide to invest in the bitcoin then you can expect the huge influx of the money. This influx will eventually lead to the rise in the price. The only problem is speculation of the investment has been for a very long time. If this would have happened earlier then the price of the bitcoin might not have fallen this much.
Not only the financial institutions but also the government is showing some interest in the bitcoin. However, they are not in particularly interested in the bitcoin but in the blockchain technology which is used to run it. this technology has shown the government about the benefits of using this technology.
This can also be considered as the positive sign for the bitcoin. This is because the interest of the government can play an important part in the rise in the price of the bitcoin.
If there are positive points then there are negative also which can cost the bitcoin very serious damage. Like:
Earlier the benefit from the bitcoin was not considered under the taxation. But as the price and the demand of the bitcoin has increased the government has started thinking of regulating it under their control by disclosing the ID of the buyers and implementing the taxes.
This has decreased the interest of the people regarding the bitcoin. This type of watch and the sanctions can put the negative effect on the price.
The split of the company has also affected the price of the bitcoin. This is because the buyers are now divided into the two sections of bitcoin and bitcoin gold. The hard fork has also played an important role in the split of the currency and the buyers.
From the Bitcoin Price Technical Analysis, you can conclude that the bitcoin at present stand at the very fragile condition. It can go very high in the future but there are some chances that it goes low as well.