Bitcoin advances $10,000. Analysts hope for more profit once the barrier Is broken
Bitcoin has jumped up by more than a third in value to more than $9,000-$9,455 at the time of writing for the first time since March, and is primed for another ‘price explosion,’ according to analysts.
This uptick could see the cryptocurrency’s value soar to even higher levels than experienced in 2017 when Bitcoin reached almost $20,000. This positive price forecast is related to market activity that has seen a vast increase in buy orders for Bitcoin — in fact, buy orders compose over 92% of market activity for the first time since March 2017, as noted by Cryptoslate.
“With so many buy orders placing pressure on the cryptocurrency market, a significant price shift is highly likely,” said the site adding that a massive price surge is “inevitable.”
Regulatory Uncertainty Dissipating
Things have been somewhat shaky in the cryptosphere as of late, in part because of uncertainty surrounding cryptocurrency regulation across the globe. For example, reports of an inquiry into cryptocurrency exchanges like Gemini and Coinbase from New York Attorney General Eric Schneiderman put a bit of a temporary freeze on Bitcoin’s gains mid-month.
That said, analysts believe that the right kind of regulation could mean a boost for Bitcoin moving forward. This was hinted at by International Monetary Fund (IMF) chief Christine Lagarde, who said last week that Bitcoin and its underlying blockchain technology could transform the way people save and invest money.
“Innovations from the use of digital mechanisms need to be explored and encouraged… So it’s a combination of having a framework that protects, and not stifling innovation, which can lead to cost efficiency,” Lagarde said.
Lagarde’s optimistic comments preceded an upswing in the cryptocurrency markets which saw other major digital currencies mirroring, and in some cases exceeding, the recent gains of Bitcoin.
“Although there are ongoing regulatory concerns in key markets, they do seem to be dissipating,” Marques said. “If these concerns are addressed, and there is even more positive movement related to regulation in these markets, there could be even more buying pressure to come.”
Bitcoin Bull Run
One thing to watch for is the cryptocurrency crossing the psychological barrier of $10,000, which will continue to boost Bitcoin’s momentum and could trigger a bull phase in the market.
“Bitcoin is up over 15% in the last seven days, and there are clear signs that the bull run is back. Over the past few months, Bitcoin has lost nearly three-quarters of its value, but now investors see a lot of value across the board, and market caps are rising rapidly,” Oliver Isaacs, a blockchain, and cryptocurrency adviser told the Independent. “Bitcoin is well on its way to $10,000 and the volumes, buy orders and momentum oscillators all point towards this.”
This perspective is shared by others in the industry as well. According to Blue Line Futures President Bill Baruch who spoke with CNBC’s ‘Trading Nation,’ Bitcoin’s $10,000 level has represented stiff resistance, but once that level is breached to the upside, Baruch sees the coin reaching further high.
It is a big news for crypto investors but Crypto is very risky and un predictable. I hope for the best but in both conditions opportunities are there.
Thanks for your informational post @hamzayousaf.
Thanks for your views
The Federal Reserve Bank of St Louis just published a report on Bitcoin that said fiat cash is “inefficient, expensive, facilitates crime, and limits the bank’s ability to use negative nominal interest rates.”
All hell will break loose if the US Central Bank gets behind BTC 🚀
Right views thanks for sharing
Yes bro @hamzayousaf, Bitcoin is unstoppable. Those who held on to their BTCs despite challenging times, are now reaping the rewards, while those who panicked and sold off all of their BTCs must be kicking themselves.
thank you so much
You always give good reading and you also shown us development of bitcoint or cryptocurrency,I don't now what comment that I give to you,I lose my words..it's maybe because I am not understand about bitcoin or cryptocurrency,hahaha..
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I want to the price to rise.Problems when calculation goes out.There is a possibility of falling prices if there is an additional increase.
Thanks for your views
Everyone is looking at bitcoin here and I would be looking at other alts. Coins that are making ATH or breaking well above the lows such as EOS, BAT and STEEM itself
Thanks for your views
You are right. Crypto currency value has started going up slowly once again.
Let's hope, It's will get high peak once again.
Thanks for sharing valuable info with us.
Yes it is hoped
Nice analysis about bitcoin. Thanks for updating us and for news. Good luck.
My pleasure
We moving Quick!
Yes and only a quick bitcoin move above $10,500 would negate the risks of down worth @bitcoinflood
Positive indications are appearing in crypto. Best of Luck :)
Thanks for your post @hamzayousaf.
Welcome