Current Bitcoin Rally Unstoppable?

Since it touched the $6,600 low first week of April, bitcoin has been rising slowly but steadily. Many analysts are now convinced that bitcoin entered the bull market since April and predicts that this time around, the climb to its next ATH is unstoppable.

Assuming bitcoin stay true to the V-shape recovery, we should expect bitcoin to breach its previous ATH by end of July / Early August. Source: www.worldcoinindex.com/coin/bitcoin

Brain Kelly, founder and CEO fo BKCM LLC, an investment firm believes that these 3 factors will fuel bitcoin's assault to the $20,000 territory:

1.) Goldman Sachs will be trading bitcoin futures as early as next week which marks the official entry of bitcoin into Wall Street (see the previous post on Goldman Sachs announcement). Since Goldman is one of the biggest banks, its move brings a lot of confidence for other smaller banks to enter the cryptocurrencies space.

2.) Regulatory clarity on bitcoin as a currency and not a security
Regulation has been the hold up for more institutional investors to join the world of crypto. But as more and more private and public institutions and investors classify bitcoin as a currency, this paves the way for regulation to move forward.

3.) Blockchain Week New York City, bitcoin's biggest event, is coming up next week, helping to generate more buzz around the coin.
Everyone from around the world will be descending upon New York to talk about cryptocurrency and this is a huge stimulus for bitcoin and altcoin.

While still many analysts associated the current trend to that 2012 where bitcoin took 12 months to recover from a sharp drop, the crypto landscape in 2018 is significantly different than 2012. First and foremost, the daily crypto trading has reach 30 billion. That's 1000 times bigger than what it was in 2012. The number also indicates a strong appetite for the crypto market.

Secondly, there were no institutional participation in 2012 whereas today, we have the 2 largest trading institutions involved with bitcoin - CME and CBOE - through the bitcoin futures which was launched only in December 2017.

Lastly, total market capitalization for crypto is at 500 billion which is a stark comparison to the $1.5 billion market cap in 2012. Related news

Disclosure: This post does not intend to provide investment nor does it represents that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the article in the process of making a fully informed investment decision.

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