bitcoin (BTC) has experienced a price increase a few days ago. The current sentiment in the market has completely changed and bitcoin could start growing once again. bitcoin surpassed $5,000 for the first time in more than 4 months and the trend could keep moving forward.
bitcoin Could Keep Growing
Peter Brandt, a recognized crypto and stocks trader, released a tweet in which he shows that bitcoin could be entering a new parabolic phase in the near future. He mentioned that either from December’s low or from a new retest of this bottom, it would not be a surprise for him if starts growing once again in the market.
Either from Dec ’18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if enters a new parabolic phase.
— Peter Brandt (@PeterLBrandt)
This shows that the digital asset could be reaching a new high in the coming years, including 2020 and 2021. bitcoin is going to be experiencing a new halving, which is expected to have a positive effect on its price. The number of new Bitcoins issued is going to be reduced by 50% from 12.5 BTC per block to 6.25 BTC per block.
If there is an increased demand for the digital asset in the market, with a lower issuance, it is expected to see a new price surge.
According to Fundstrat Global Advisors’ head of research, Thomas Lee, although there has been a correction in the market, bitcoin is starting an accumulation phase that will take place throughout 2019.
As he mentioned during an interview with Squawk Box, investors kept cash on the sidelines waiting for a new opportunity to invest in bitcoin.
On the matter, Mr. Lee :
“bitcoin had a rough 2018 and for much of 2019, it’s been steadily climbing, and from what we can gather, it’s because there have been positive things taking place. You know a lot of the old whale wallets are buying bitcoin so it’s been slow accumulation.”
It is worth mentioning that there are also several institutions ready to be involved in the virtual currency market. Firms and crypto-related companies are working day after day in order to create the necessary infrastructure for traditional and large investors to enter the space. Although it is not easy, there are some recognized firms that have decided to invest in the market. The (ICE) and Fidelity Investments are working on their own crypto platforms for institutions.
Published at Sat, 06 Apr 2019 19:59:13 +0000
