Bitcoin (BTC) has printed six red candles in a row on the monthly time frame. The price seems to be close to a local bottom for now and a recovery towards the previous market structure is expected. However, the global economy is in state of turmoil and financial markets are marred by uncertainty and chaos. The sole purpose of the creation of Bitcoin (BTC) was to reduce dependence on trust backed cryptocurrencies and make the transition to a trustless economy where money is something that has intrinsic value. It was thus obvious to see that if Bitcoin (BTC) gained mass adoption, it would do very well in times of a financial crisis. However, so far we have not seen any signs of mass adoption. In fact, less than 1% of the global population is exposed to cryptocurrencies in any way.
While investors in the stock market are worried about their investments, there are lot of people in this space that are worried about their investments as well because it is not yet clear if BTC/USD and other cryptocurrencies will behave the same way as Gold during times of a financial crisis. The behavior of cryptocurrencies has been more like penny stocks from an investment standpoint. Most of them were scams and some were very good ones that made investors a lot of money. The bear market was instrumental in wiping out those scams or weak projects that could not deliver. However, investors want to know whether or not Bitcoin (BTC) has bottomed and what the next possible moves might be.
The post Bitcoin (BTC) Kiss Of Death Sell Signal Or Bullish Diamond Breakout? appeared first on BlockBoard.