BITCOIN As Bitcoin [BTC] closes to $8000 will the Blockchain Week outweigh the negative impact of the bear market
According to a leading analyst, the Blockchain Week in Manhattan, New York will lead to Bitcoin’s biggest breakout yet.
Robert Sluymer, managing director and technical strategist at Fundstrat Global Advisors, said,
“We’re in a state of general recovery as the regulatory risk, the fundamental risk around what’s happening with cryptos has hit a bottom.”
He said Bitcoin, which was trading just above $9,000 on Thursday evening, will continue to grow higher from here.
Sluymer added that the Blockchain Week’s annual event which commenced on May 11th will trigger Bitcoin’s bull run.
The week-long event includes some of the biggest movers and shakers in the cryptocurrency world, such as James Bullard the President of St. Louis Federal Reserve Bank, Eva Kaili a European member of parliament, and Twitter CEO Jack Dorsey, among others.
In 2015, the first Blockchain Week saw 1,500 people in attendance. The turnout the following year nearly doubled to 2,700 attendees. This year, the event is expected to attract about 8,000 people, half of whom are coming from outside of the United States.
Sluymer said, historically, Bitcoin has increased each year after Consensus, one of Blockchain Week’s largest events, which includes a hackathon and a blockchain job fair among other things.
Following the event in 2015, Bitcoin experienced an increase of 23 percent after Consensus. The technician said,
“Not a huge amount considering how volatile cryptos are. But then it moved up around year-end for about another 100 percent move.”
Bitcoin even in 2016 surged about 10 percent after the Consensus event, and then an additional 80 percent by year’s end. The large-cap digital coin soared even more — 69 percent — around 2017’s Blockchain Week.
This year’s Consensus takes place on Monday, May 14. Bitcoin witnessed a massive peak close to $19,500 last December, before falling to lows of around $6,000 earlier this year.
Sluymer said the coin’s bottom may be behind us.
“There’s really a bull-bear scenario, where folks are arguing where it’s going.”
Bitcoin’s 200-moving average, from November 2017 to May 2018, according to him is relatively shallow.
“We’re already moving back from the 200-day average.”
Fundstrat aims to provide technical analysis and claims that it does not speculate but presents facts. Despite the positive outlook towards Bitcoin, unfortunately, it has fallen even more given the raid on Upbit and news about Mt Gox cold wallets moving Bitcoin again.
The last time when Bitcoin prices shot up after the Blockchain week, there were no raids on exchanges and “whale” manipulation scares like this time. Will the positive out run the negative or the opposite will happen?
At press time, Bitcoin [BTC] was trading at $8387 to a token witnessing a 15% drop over the week and a 2.8% drop over the past 24 hours.