In the past few years, Bitcoin powered by blockchain technology has emerged as a promising digital currency through offering decentralized and secured transactions. This study aims to provide an insight into Bitcoin trading and blockchain functioning for lay people. In this project I analyzed the price movements for Bitcoin between 2015 and 2019 to see if technical analysis is possible. Bitcoin prices were also analyzed to find support of Efficient Market Hypothesis (EHS). Through the review of literature and analyzing moving averages, it can be concluded that in the long term Bitcoin data supports EHS model. Descriptive statistics for the data suggested that Bitcoin volatility is decreasing over time and it is pursuing stability.
Worcester Polytechnic Institute
Interactive Qualifying Project
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