The next major resistance point for Bitcoin is near 11,000 USD after a Bitcoin reversal. It will be able to break the resistance point and move on to the previous record of 20,000 USD.
The triangular accumulation formation, which began in June and continues until this date, is very similar to the one that started in June 2018, when it was again initiated in June.
What can we learn about these cases?
Every accumulation ends in an “explosion (in the best way). The ending, back then (Jan 2018,) was to end in a break down and follow a fall.
Now?
Are we going in the same direction?
These circumstances have absolutely nothing to do last year. Things are better at all levels. The 2017 fever swept away the frivolous and hasty investors have either left or are more educated and aware. Some institutional investors have already entered the market, though reluctantly. It’s not about fame; it’s about real life.
Everyone seems to be pushing for mass adoption and a new era of monetary policy.
Media made a remarkable turnaround. The vast majority of people who faced Bitcoin were cautious or hostile. They now turn to daily specialists to help them explain the unique aspects of bitcoin/crypto to their viewers and readers.
Realizing that they can’t stop Bitcoin, politicians and banks are now looking for ways to exploit the technology of blockchain.
Facebook and other giants have their strategy based on it. Countries such as Iran and superpowers such China are searching for ways to create their own cryptocurrency.
It is difficult to attract capital and business from this sector. Many competitors compete ruthlessly. It is not possible to lure blockchain and crypto entrepreneurs with “fancy decorations” such as tax cuts. They only increase the chances of success.
We’ve already mentioned Singapore’s case, which has already adopted the technology. Singapore is the best in terms of regulation because it has the most favorable legislation for new businesses. It allows for significant freedom which is crucial for blockchain to flourish, while also protecting investors from fraud.
Malta, Cyprus have made serious efforts to differentiate between EU members. Further back are countries like France.
Portugal is now in the mix, having seen its country get left behind and has decided to play dynamically.
Portuguese authorities have confirmed that you can convert your cryptocurrency into euros. You are not only exempted from VAT, but also your activities aren’t subject to any tax. You don’t have to pay any tax, no matter how much you make from investments in Bitcoin and other digital currencies.
The best part is reserved for the end.
Portugal’s tax policy toward cryptocurrencies could lead to the collapse of the entire EU. Portugal justified its decision by referring to a 2015 decision of the European Court of Justice. The court ruled Bitcoin was a payment method and not a digital asset, and therefore is exempted from VAT!
The Bitcoin phenomenon is not hampered by anything. The gear moved one tooth forward. We all know that it cannot go back.