Bitcoin Price Prediction Review from 2015
As we get to the end of 2015 and move into the new year, we reflect on what has taken place over the past year in terms of bitcoin price prediction. While it may not see like it, we have come a long way. Both, in terms of the market and the broader cryptocurrency ecosystem.
In terms of the bitcoin market, we have seen a lot of drama and a lot of evolution. The explosion in the popularity of leveraged futures trading, as well as low trading fees in China, has sent trading volumes sky-rocketing to new record highs. This additional volume, and thus additional liquidity, has allowed larger traders and financial firms to get involved in the market. This is a very good thing. The downside of this is that intraday volatility is magnified by the leverage. And this makes it more akin to forex (currency) and commodity trading.
Speaking of China, from a broader perspective we can definitively say that 2015 is the year that they got seriously involved in bitcoin. The largest bitcoin exchanges by volume are Chinese based exchanges, the biggest miners are located in China, and a huge number of speculators now reside there. In fact, we think that the Chinese Yuan now has more influence over the spot price of bitcoin than the US dollar does, a pretty astounding notion given how “powerful” the US Federal Reserve supposedly is.
Lastly, universal services and infrastructure made a big leap forward in terms of usability and convenience. Companies like Coinbase are becoming the new bitcoin banks. They allow you to buy, sell, spend, and save bitcoins anywhere in the world with ease. Others such as Coindesk are becoming media hubs for information distribution and reporting. And yet other such as the Digital Currency Group and Greyscale Investments are bringing retail financial products to money managers all over the globe. All in all, we are very bullish on bitcoin price prediction and overall bitcoin growth for 2016. This comes from a technical and a fundamental perspective. Let’s now just not mess it up with a premature blocksize decision.
Cheers,
@AKWAnalytics
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Originally published in The Bitcoin Price Prediction BullBear Report released on 12/21/2015. Partial excerpt only. Written by @AKWAnalytics.
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