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Various sectors are opening up to the vast potential of blockchain technology. This will result in a 44.5 percent compound annual growth rate in the blockchain space between now and 2025, according to a recent report. Spending in the space will purportedly increase from $3.12 billion to $41 billion in the said period.
Still, there are a number of executives who are wary of this new technology. Aanchal Anand, a Land Administration Specialist in the World bank’s Global Land and Geospatial Unit, has warned against the so-called “blockchain hype.”
Similarly, Catherine Bessant, chief technology officer at Bank of America (BoA) said that many companies approach her with blockchain projects, but she is yet to see a solid use case. Hence, she remains negative on the technology in her private capacity.
Weiss Ratings founder, Martin D. Weiss, said that even during the bear market a critical segment of the crypto space is growing sharply. Therefore, “for those willing to take the risk, the best time to invest could be very near.” Let’s see what our charts project.
Bitcoin (BTC) dipped below the uptrend line on March 25, but the bulls bought the dips, which is a positive sign. The digital currency is currently attempting to scale above $4,065 and rally towards the overhead resistance of $4,255. A close (UTC time frame) above $4,255 will complete a bullish double bottom pattern,