- Bitcoin price up but under pressure
- MimbleWimble protocol could be an excellent match for Bitcoin
- Transaction volumes more than half those of Feb 24
There are specific benefits of the MimbleWimble protocol, and one of them is privacy through CT. If the Bitcoin community decides to incorporate this untested protocol, then the network will not be scalable but be completely anonymous. Perhaps it will be the only trigger that will drive prices above $6,000 to $12,000 as demand Bitcoin (BTC) demand surge.
Bitcoin Price Analysis
Fundamentals
To understand emerging technology is tasking. It will demand time to dissect data—which may at times be controversial or against the status quo. Some of these technologies may be futuristic and theoretically untenable. However, like everything else, time is the only measurement of progress. As the world shift to digital the evolution and adoption of better, the world will demand efficient and fast solutions of which blockchain applications are ready to offer.
Therefore, just like every other technology that has changed humanity, time and patience are the two ingredients necessary for Bitcoin–which is fashioning itself as a global currency–to blossom and dominate the internet. We may be in the early stages, but already Bitcoin is the largest and the most capitalized in the space enjoying the pioneering advantage.
In the future that may change as better solutions spring up. All the same, the network could scalable by default while retaining the original consensus of proof of work—via MimbleWimble protocol if only the community agree.
As attractive as it may—thanks to privacy available through CT and the lack of addresses, it isn’t battled-tested like the unaltered Bitcoin protocol. Besides, there are elements specific to MimbleWimble that are applicable in theory only.
Candlestick Arrangement
Regardless of scarce fundamentals, Bitcoin (BTC) is stable in the last week and day registering negligible gains. However, the fact that prices are trading above $3,800 and $3,500 means buyers have the upper hand at least in the short-term.
Like we have been emphasizing in all our previous BTC/USD price analysis, any breakout above $4,500 would usher bulls aiming at $6,000. Aside from that, it will also signal a breakout from the $1,300 range with bases at $3,200 or Dec 2018 lows which have been binding prices in the last three months.
Since bulls are yet to confirm bulls of Mar 16, it is likely that prices will correct lower to $3,800. It is so thanks to Mar 17 bar closing above the upper BB pointing to a possible over-valuation of BTC.
Technical Indicator
Participation averages are low, averaging 7k registered by Mar 7 close. With Feb 24 averages at more than double at 19k, any gains above $4,500 reversing losses of Feb 24 must be at the back of high trade volumes above 40k—exceeding those of Feb 18 and 24.