Digital Currency Revolution Series: Reminder on Booming Cycle of Bitcoin Price

Bitcoin and the majority of other crypto-assets have again resumed their bullish streaks, extending rallies further after consolidating briefly above 7 & 21-EMAs. The May-month upswing has formed the bullish engulfing pattern, the pattern occurred quite often on daily terms, at $4,899.63, $7,813 and $8,200 and $8,733.26 levels.

Consequently, the price rallies spike well above $8,500 mark swiftly, as well as the pair is on the verge of hitting new yearly highs. The current price is trending above $8,733 levels which is just below $1000 dollars from its yearly highs.

2018 has been a stern bearish trend for bitcoin and for entire cryptocurrency avenue, however, we highlighted quite often about the booming cycles of BTCUSD which is still in developing stage of the overall industry lifecycle in the past as well.

It has explicitly been illustrated about this perplexity referring to a concept called “booming cycle” of the price of BTCUSD back in our December 2017 post, please refer below weblink for further reading:

https://www.econotimes.com/FxWirePro-When-entire-universe-of-risk-averse-gamble-on-Bitcoin-asset-bubble-booming-cycles-have-so-much-to-lure-1054608

We now, reiterate the same for the long-term targets, as it seems that the prevailing upswings may create yet another booming cycle.

Well, just quickly glance at the sharp rallies from the July 2013 lows of just $1 to the all-time highs of $19,891 levels after long-lasted struggle for bullish momentum (i.e. 19,89,000%) which was commendable in just 4-5 years. Similarly, for now, 2019 has derived almost 113% returns so far in this year after a scary bearish rout in 2018. 

Such exponential returns can indeed be luring factor for the modern time investor class, isn’t it?

After referring to the above BTCUSD technical chart, we could foresee more upside traction amid any abrupt price dips in the short-run. 

Hence, the investor has to determine his risk appetite and decide whether this asset class is going to be in the dawn or the doomsday for them.

Currency Strength Index: FxWirePro's hourly BTC spot index has shown 65 (which is bullish), while hourly USD spot index was at -107 (highly bearish) while articulating at 06:54 GMT.

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex