Bitcoin is still looking for that $6,800 jump — the cursed number.
Saturday, 22 September 2018, was the last time Bitcoin crossed the $6,800 mark for a brief moment before tumbling back in a matter of hours.
Since then, no luck.
What is the $6,800 number and why it is mentioned again and again?
Since September 6, Bitcoin has converged into a small price range, rarely leaving the edges of the channel. The lower edge of this zone is near $6,200 with the upper limit on $6,800.
This has formed a psychological leash for Bitcoin and investors are wary of this stony behavior.
A period of low volatility often makes for a big move in either direction. Investors have been saying that bullish or bearish run is just on the horizon but it’s been a long day since Bitcoin has bounded itself below the $6,800 mark.
There’s a tool that helps investors analyze the market and indicates whether to buy or to sell.
Bollinger Bands — a type of statistical chart that characterizes the prices and volatility over time of a financial instrument or commodity, using a formulaic method.
What it does is that it allocates two bands, one maximum and one minimum of moving averages and volatility.
There are two types of investors:
1. Buy when price touches the lower band and exit when the price touches the moving average.
2. Buy when price breaks above the upper band sell when the price falls below the lower band.
For a bull run, BTC needs to find acceptance above the upper Bollinger band of $6,800 or the bears will take over.
Analysts are divided over what will happen when BTC exits the peace cavern. A furious debate has been raging on since BTC adopted this stagnant value routine. To see Bitcoin flourishing in the future, it would have to cross $6,800 or nobody knows how deep the fall is going to be.
People seem to have lost interest in Bitcoin. It is perhaps because of altcoins. There are actually more than one reasons for this shifting trend:
1. Altcoins have a rapid growth rate.
2. Bounties and gifts are offered in the early stages of altcoins to entice customers.
3. They are relatively cheaper and can be bought in huge amounts.
4. The chances of hitting a jackpot are higher as compared to BTC.
Who wouldn’t prefer a chance to make their life in a single stroke of luck over something that has lost its charm to bearish runs?
It seems like the mighty old’ Bitcoin is losing its way.