Welcome to season 7 week 4 of the crypto trading academy and engagement challenge. The challenge for this week is on will cryptocurrencies continue to a recession or rebound…
image designed with canva
The cryptocurrency market which happens to be one of the more volatile markets in trading has always shown similar price patterns over the years but everyone else is just too engrossed in the sentimental aspects they fail to recognize the pattern.
We’ve been in one of the longest bear market for a while with bitcoin losing over 60% since its ATH in 2022 alone.
I feel the cryptocurrency market would rebound this year. Yes, that’s my opinion however I’d back it up with my on-chain analysis. It’s just NOT about sentiments yeah?
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Here's what the - price of the bitcoin charts looks like. There's a pattern but it's concealed to those who won't do adequate research. I'd do my best to point it out though.
image gotten from trading view
I know what's on your mind...
well duhh..everyone can make a few marks on the chart and behave like they have an idea what they're doing
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Very true!
If we take a close look at bitcoin's track record and trajectory, let’s say from 2014 till date, we’d notice something not far off from what I’d call a pattern.
It would be quite cumbersone to begin to mark out these points with precision on the charts hence I've done the research myself and brought out the prices, feel free to confirm the price chart shown below
This is what the start and end price for the bitcoin charts and their ROI over the years looks like
| YEAR | START PRICE | END PRICE | RoI |
|---|---|---|---|
| 2014 | 747 | 317 | -58% |
| 2015 | 317 | 432 | 36% |
| 2016 | 432 | 952 | 120% |
| 2017 | 952 | 14043 | 1375% |
| 2018 | 14043 | 3674 | -74% |
| 2019 | 3674 | 7158 | 95% |
| 2020 | 7158 | 28996 | 305% |
| 2021 | 28996 | 46334 | 60% |
| 2022 | 46334 | 16540 | -64% |
It’s pretty obvious at this point from historical price pattern where the future of cryptocurrency and next direction lies. Every major BTC dump such as the years 2014, 2018 and 2022 were followed by subsequent sporadic price increase alongside a new All Time High(ATH).
You know what they say…
history is always doomed to repeat itself…
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2023 began with a start price of 16540 and is already up over 35%. I believe with these few points of mine I’ve been able to justify my reasons for believing the crypto market is already in its rebound phase.Therefore, with respect to the chart image previously published I have enough evidence to believe we're heading towards the next phase, which is the sporadic increase in price phase.
Plain answer… Yes!
The extended duration of the bear market had done more harm than good to my work within the steem ecosystem. I had to take up other jobs during this period as all the investments I had gone all in on due to sentiments and love tanked.
The rewards that users are able to earn have drastically reduced. I personally made some bad decisions beginning with the WOX token which made quite the headline on the steemit platform as it was headed by a validator for the chain here, and was forced to power down my steem holdings which made me leave the ecosystem for a long while. It’s quite sad seeing years of consistency go down the drain. I lost my authority on the platform alongside some major connections I had made at the time.
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The steemit platform is much more than people understand it to be, similar to Reddit. If you play your cards well you would be surprised by the gems you’d stumble upon in the form or people and relationships.
I’d advise users to keep at it at this time. Try as much as possible to interact and build your authority on the platform. Just like I’m doing, I’ve decided to go club100 to avoid any form of distractions in my journey to build my steem power and avoid having to power down anymore.
The bear market won’t last forever, and based on my fundamental and technical analysis, we’re in periods of recovery already which is a lovely catalyst for alt season to kick in (everyone’s favorite time of the year). So either way, know that you can never go wrong with building your authority over here.
Also, it’s imperative to avoid taking impulsive trades. The market is showing corrective patterns but this shouldn’t allow FOMO to kick in. This is usually the time everyone wants to go all in with their investments and keep their fingers crossed. Guess what, whales are also watching. Liquidity would always be grabbed before the main impulsive movement would kick in.
Don’t be that liquidity
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One cryptocurrency I see as promising in 2023 is MultiversX token, also known as EGLD.
image gotten from coinmarket cap
It’s currently at a market capitalization of $1,104,437,370 with a circulating supply of 24,938,279 EGLD. This project boasts of the most powerful blockchain architecture ever and they live up to it. Their ecosystem is embedded with lots of seamless features including crypto payments which are made as easy as sending a message and global assets swapping.
With more than 3200 nodes distributed worldwide, MultiversX runs on a decentralized network which aso happens to be one of the most scalable chains ever to exist.
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This token tackles one of the biggest problems of major cryptocurrencies such as Bitcoin and Ethereum… Scaling and scalability having a throughput of over 15000 transactions per second while deducting a nearly insignificant $0.001 as transaction fees.
EGLD enables developers develop smart contracts and deeply with ease on the platform. MultiversX makes use of an advanced state ahsarding which helps in
the issue of scalability. This is without doubt one of the biggest selling points of the network.
Many altcoins steem and TRX inclusive performed terribly during the bear market. Most losing over 80% of their ATH, the steem token hit its yearly low at 0.1384 December 2022
image gotten from coinmarket
The steem token is currently ranked #287 with a current price of 0.192 and a market capitalization of 81,470,774. It’s 24 hour trading volume of $5,723,976
shows how much liquidity the token has.
image gotten from trading view
2022 has been a terrible year for most cryptocurrencies in general, steem inclusive has suffered in the bear market. While there may be milestones hit this year such as it’s high of $0.6224 in April following the announcement of the Steem/USDT pair support, the crash of the Luna market saw steem plummet further to an ad low of $0.17.
Concerning the TRX token..
2022 wasn't a really good year for the trx token also
image gotten from coinmarket cap
image gotten from tradingview
The TRX currency currently has a market capitalization of $5,808,408,178.
The year 2022 had the trx token attaining a low of 0.04664 which seemed quite threatening.
From the weekly chart of the TRX/USDT. we observe that the TRX price has touched and been rejected from a major level of support.
However, despite the price decline through the year, we see both coins increasing in market capitalization and adoption. This goes to show that the tokens are widely adopted and have a lot of holders. Investors' interest such as the one here is quite high and also from my analysis so far. It's evident the next alt season is close by.
WHO IS DOPPLEY
His goal on steemit is to make numerous connections with people and put out valuable articles for the steem community to consume and interact with. Basically to be like water, which slips through fingers but is still capable of holding up a ship.
He juggles many interests, writer, saxophonist, accountant, data scientist, trader, real estate agent and some others at once but his passion keeps him steady.
IF YOU LOVE THIS POST, YOUR SUPPORT, UPVOTES, ENGAGEMENTS AND REBLOGS WOULD BE VERY MUCH APPRECIATED
Hello My Friend @doppley, I just came across your post and I must say that I'm thoroughly impressed with the level of detail and research that you've put into analyzing the cryptocurrency market. Your on-chain analysis of bitcoin's price patterns and the justification for believing the crypto market is in a rebound phase is truly remarkable.
Your advice to the users of the steemit ecosystem during this bear market period is also noteworthy.
Your suggestion to build authority on the platform, avoid taking impulsive trades, and stay consistent despite the challenges faced is a testament to your resilience and determination.
Your mention of MultiversX token as a promising cryptocurrency in 2023 also shows that you have a keen eye for promising projects and their potential for growth.
Overall, I just wanted to say that your contribution to this community is greatly appreciated and I look forward to reading more of your insightful posts in the future. Keep up the good work!
Regards, @fabiha
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We support quality posts anywhere and any tags.
Curated by : @steemdoctor1
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Thank you very much for the comments my friend. Your presence here is welcome
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Hey brother, hopefully you will be doing well.
Wow, I am just surprised by your amazing way of technical analysis of the overall market. Looking at the BTC/USDT chart, we can see that there is a clear pattern that is seemed to be repeat itself very soon and we are hopeful of a great bull market.
Yeah, it is clear from the tabular illustration that you made in your post. The market is supposed to recover itself very soon and we are hopeful that this year will be a good year for all of the crypto lovers.
The coin that you have selected as the potential investment in the year 2023 is looking very much interesting. I am very much happy to know that its scalability is very high although the fees are very low.
I also agree with you that we should have to focus more on the Steemit platform in the bear conditions because it is the best time to gather good rewards and make our good reputation on the platform that would surely be helpful in the bull conditions.
Overall, a very great post. I wish a very good luck for you in the contest.
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Very true
A pattern is in place which is about to repeat itself.
Then bear market is also the best time to build up your reputation on the platform.
Thanks for taking the time to comment my friend
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Thanks for a very good comment 😊
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Hi, @doopley I like the way you have presented your article. In the first question, your explanation about the prediction for future prices is quite amazing. You have analyzed the previous year's trends and Expect the market will rebound this year I also hope so.
The decline of the whole market especially the Steem Token has affected the steemit community and resulted in a decrease in active user due to a reduced reward pool.I hope that in the coming days steem and TRX will gain their worth back and the market will stabilize soon.
This is a great suggestion and in this way, we will able to increase the relationship and grow ourselves through the interaction on the platform.
You have expalined by your analysis about the MultiversX as the most promisiong coin in the future 2023.Thanks for sharing I have learned a lot from your explanation and analysis.
I hope that the year 2021 will prove good in regard to the stabilization of the market. Wish you success in this contest.
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Hopefully the prices would rally back when the bull market begins. There’s so much potential in both coins
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Greetings my friend @doppley👤,
I hope you are doing well. I appreciate your post about the cryptocurrency market and your thoughts on whether it will rebound or continue in a recession. Your analysis of the historical price patterns of bitcoin and the correlation between major dumps and subsequent price increases is quite intriguing. You have done a great job in presenting the data and your argument in a concise and easy to understand manner.
It's unfortunate to hear about the impact the bear market has had on your work within the Steemit ecosystem. I commend your resilience and determination to continue to build your authority and Steem power despite the challenges. Your advice to other users to stay active and engage with the community is a great suggestion.
Remember, the cryptocurrency market is volatile and can be unpredictable at times, but with careful research and analysis, you can make informed decisions. Keep up the good work!
Regards,
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Thank you my friend
Staying active on the platform has a lot of benefits, I myself struggle hard to do so while shuffling other jobs plus school. It’s a good thing to build up authority on the platform
Your comments are appreciated :)
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We support quality posts anywhere and any tags.
Curated by : @steemdoctor1
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@doppley...
After 5 years on the platform I have recently launched a Steem witness - @pennsif.witness.
You may know me for Steem News, which is now nearing its 500th edition.
As a witness I am running a Full API Node and a Seed Node. Together with the @steemwow team I have also launched Press4Steem, a plugin to connect WordPress sites with Steem.
It would be great if you are able to support my work by giving one of your witness votes to @pennsif.witness.
If you have any questions about Steem, or if I can help you with anything please contact me on Discord at @Pennsif#9921.
Thank you
Pennsif
https://steemitwallet.com/~witnesses [ #20 ]
https://steemlogin.com/sign/account-witness-vote?witness=pennsif.witness&approve=true
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Hello there @pennsif
I’d be sure to check out press4steem when I can :)
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It would be great if are able to give one of your witness votes to @pennsif.witness.
Just click on the up arrow next to my witness at #20. You will need your Active Key for this...
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Hi @doppley, I'm really happy to have read your article, it's really well constructed and detailed, it never gets boring and it's easy to read.
Great idea to use gifs to reinforce your concepts.
From your table it seems to relive the period of 2017-2018.
If we remain lucid and not in the grip of the panic generated by the FUD, it is clear that bitcoin is following a pattern, after a closure with a large loss, 3 positive ones follow.
I'm sorry for your losses, I too had put something on wox, but unfortunately not all projects are successful.
Come on, we'll do it again with this 2023, I'm sure it will give us great satisfaction.
Congratulations again on your post.
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You definitely absolutely read through my publication. I find that reading bunch of words may overwhelm readers at times especially with information overload so I try to spice it up as much as I can in the form of using gifs while making sure I disseminate relevant information.
Wox was terrible tbh, Robinia token was even worse, it wiped me out. However I blame that on my overuse of sentiments to invest. 🥹
Hopefully this year will be good to both us my friend
Glad to have you here @mikitaly, I know you speak largely Italian, I hope I can learn bits from you sometime :)
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I'm staying positive about 2023, you'll see that it will get better and of course you'll recover your losses. ;D
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You have written well my friend, the year 2022 was indeed a terrible one for the whole of crypto traders. You will agree with me that every coin was affected by the bearish movement of asset during that period. Based on the wide adoption of Steem and TRX, there is an increase in the market capitalization and that shows many persons are interested in the coin. In this year, we have seen significant rise in the price of asset which means bullish phase at last. It is certain that crypto will rebound this year. I wish you success my friend.
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Yes, a whole lot of coins got affected by the bearish market, however this year is showing signs of recovery on alts and Bitcoin alike. I strongly feel alt season would turn up march again but it’s just a speculation for now. We watch
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Indeed, during the bear Market everyone in the crypto industry weren't happy because of the losses thank God that today in this year 2023, we are expecting a bullish Market.
From your observations about MultiversX token I can say it will rise and I would be glad if you can tell me more about the Coin so I can put in so money since you are good in crypto analysis. Success to you.
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The MultiversX token is one token on the watchlist of many, it’s still what I’d call fairly new however it’s use cases are greatly admired, not to talk about how it tackles its own scalability issues and the transaction tps on the blockchain. It’s outrageous, I’m more on the fundamentals for now, I’d like to see how the team tackles pressing issues before I deem it fit a good investment my friend :).
Thanks for taking the time to comment, you’re presence here is appreciated @jasminemary
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