While Bitcoin continues to consolidate, some American executives hope it will become a single global currency some day. Among them are Apple co-founder Steve Wozniak, and Twitter CEO Jack Dorsey. The latter actually believes bitcoin will become the single currency worldwide. Despite this, the market sentiment has certainly become less hot for the cryptocurrency.
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For one, searches for the term “bitcoin” have dropped more than 75% since the beginning of 2018, according to research from Google Trends. This trend coincides with Bitcoin’s value which nosedove since the beginning of the year. Personally, I’m not too worried about the Google search downtrend. Because when its surge happened, Bitcoin had become too much of a hot topic. Something that anyone, whether an avid investor or not, was talking about.
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Bitcoin’s True Value…
The amount that Bitcoin is being talked about now is just about the amount any other major asset is gaining attention. Therefore, the current consolidation range for BTC/USD between $10,000 and $7,000 could be the considered the true value of Bitcoin, versus the surge up to $20,000 end of 2017 that could be considered as a bubbled price.
BTC/USD Price Action
From a technical point, BTC/USD is trading within a symmetrical triangle chart pattern below a flattening Ichimoku cloud on the daily chart. We have patiently been waiting for a break out of the triangle, which could determine the direction of the next Bitcoin trend.
Until then, a range trading strategy could be ideal for those who identify with short-term investments.
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