Bitcoin Consolidation Continues While Execs Hope It'll Become A Single Currency Worldwide

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.

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 cloudon 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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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