BTC Standard Hashrate Token (BTCST) Price Analysis: Is Now a Good Time to Invest?

BTC Standard Hashrate Token (BTCST) Price Analysis: Is Now a Good Time to Invest?

In Brief

  • The price of BTC Standard Hashrate Token (BTCST) has spikes to $7.42, up by 15% in the past 7-days.

  • In comparison, the entire market is down by -2.5%.

  • 24 previous historical occurrences of the closing marubozu candle indicator suggest that prices could be headed lower.

BTC Standard Hashrate Token has rocketed sharply recently, and unfortunately for investors historic price movements suggest that the market is heading lower.

Of course, crystal balls don't exist. We can study what has occurred in the past though. Stack looked at the previous performance of BTC Standard Hashrate Token (BTCST) under similar conditions to try to predict where prices might be heading.

Specifically, we studied 24 prior occurrences where the closing marubozu candle was detected, this is what we found.

Why BTC Standard Hashrate Token's Price Could Move Lower

Essentially, due to several similar occurrences in the past. In other words, we have seen this situation before.

Over 24 past occurrences, we found that 91.67% of the time the price increase by a median -28.53% over the following 30 days.

For example, on June 25th, 2021 we saw the indicator and a price move of BTC Standard Hashrate Token move by 0%, only to then move by -15.6% over the following 30 days.

BTC Standard Hashrate Token chart

The chart above shows the historic occurrences of this indicator with the price.

What does this mean for investors?

Investors need to consider that this is just one indicator. Lots of factors can affect the price.

Crypto prices are influenced by social media, developer activity, the number of exchanges and on-chain activity.

{If you feel that other factors, like the global crypto market, are favorable assuming the suggested 7-day investment horizon. Then it could represent a good trade, or a good entry point for longer term investors. We recommend that you do your own research (DYOR) before making any investment decisions. |It's critical to factor in everything

What other factor might be moving the price of $BTCST?

Lot's of factors can influence the price of any investment. Here are just a few that could affect the price of BTC Standard Hashrate Token.

The broader market's movements

The broader market is also down by a median -2.5%. Most cryptos are correlated, especially to Bitcoin. So this is likely affecting the price.

It's also worth paying attention to the global macroeconomic environment. As crypto trading becomes more widespread, it is increasingly becoming correlated to stocks as well.

Developer activity

How active have the devs for BTC Standard Hashrate Token been?

Over the past 4 weeks there have been 0 commits on BTC Standard Hashrate Token's Github account. This compares to an average of 2 commits per week.

Spotting significant changes in developer activity can highlight potential new products being worked on and identify abandoned projects that might be in decline.

Social activity

Social media can have a powerful effect on cryptocurrency prices. Single tweets can often move markets. It can be hard to judge sentiment just by browsing Twitter, but you can use products like Stack to monitor the growth of a project's followers.

BTC Standard Hashrate Token's Twitter followers have risen by 0% over the past 7 days. You can view stats for other networks in the full report for BTC Standard Hashrate Token.

Important Disclaimer: This material is for informational purposes only. None of the material or any material on the website should be interpreted as investment advice. Stack does not make any express or implied warranties, representations or endorsements whatsoever with regard to the material or related information. In particular, you agree that Stack and it's owners assume no warranty for the correctness, accuracy and completeness of the material.