Bitcoin Posted Positive Gains In Q3, But Ripple Won The Quarter

Story by: Naeem Aslam

Can I be the devil’s advocate? Well, it is always intriguing to take the contrary view. After all, to win the game, one needs to think outside the box and filter through the noise.

Bitcoin has posted two consecutive months of losses. This is no news to Bitcoin holders. However, it is important to keep in mind that sometimes you need to lose some battles in order to win the war and I think this is exactly what the bulls are thinking right now. During the past two months, the Bitcoin price traded in a tight range between $7820 – $5887. Last month’s low at $6108 was higher than August’s low at $5887. This confirms that there is a clear trend. The fact that we are forming a lower high satisfies the definition of an upward trend to some extent. According to technical analysis, the exact definition of an upward trend is a confirmation of higher highs and higher lows. Currently, we do not have a confirmation of higher highs, as September’s high ($7405) was lower than August’s high of $7820.

However, the most important fact is that the closing price of Bitcoin for the third quarter at $6,643 was higher than the opening price of the quarter ($6,313). This gives a very clear indication that the price may have lost some battles, but it has won the war over the period of the third quarter. The 3.34% quarterly gain for Bitcoin could have been a lot more significant, but that’s only if the fundamentals were more favourable. The approval of the Bitcoin ETF, for example, would have been a key event in favor of its price.