Bitshares 2021 yearly Review
Outlook for BTS heading into the new year
Bitshares is currently trading at the 0.036USD mark inside a descending triangle formation that started at 0.06USD. If this formation continues, we could see a breakdown to 0.027USD by January, but if a breakout occurs we would get another wave up to 0.05/6USD, which is currently the sell zone for bitshares.
Judging from bitshares performance this year where it rose from 0.02USD region to 0.16USD in April (700%) gain, we could see at least another 400% rise in price this coming year.
Bitshares has ranged between 0.06USD to 0.03USD from April to December, peaking twice at 0.06USD before dropping back. In terms of volatility, it has dropped on the weekly as Relative volatility index currently sits at 38 while the RVI for the daily is showing a rising momentum and currently it sits at 60.
A good sign for long term investors as it shows that bitshares may follow a similar cycle next year, an early rise in price then a slow and steady decline towards the end.
Bitshares is still heavily influenced by bitcoin so it would not be too surprising if it follows the price trend of bitcoin. This means that if Bitcoin goes up, Bitshares would follow suit but if bitcoin drops in price say goes into a bear market, then Bitshares would also suffer thesame fate.
One thing that could change that outlook is if the new bitshares 6.0 update can attract more users, with lure of flash loans, fast transaction times, low fees, yield farming and liquidity pools, users and crypto giants might consider looking into the tech with the aim of utilizing the network. If we start seeing more decentralised apps building on bitshares its value would sky rocket.
Another thing that could help the value is cross chain bridges so far bitshares has only one functional cross chain bridge in XBTS.IO apart from them there are no other serious competitors with such infrastructure on bitshares. If Bitshares is to grow we would need more of these bridges.