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The price of Bitcoin started in 2019 in good shape. After reaching the price level of $ 3,200 last December, which some described as the bottom of this cycle, the value of BTC jumped by about 150% in just six months. While the price of most other cryptographic assets has also risen in recent weeks relative to the US dollar, many analysts have said that the current price level looks like the first stages of a new bull market.
There are more and more signals indicating that they could also be correct. Terms such as "Bitcoin", "Coinbase" and "Blockchain" have been popular on various online research platforms, and technical analysis suggests a positive potential.
Have Bitcoin bears finally been defeated?
More and more evidence suggests that the price of Bitcoin may finally be ready to once again rise. The price has generally been on an upward trend since its low of $ 3,200 in December 2018.
Recently, however, there has been a much more dramatic price increase than seen since 2017. In April and early May, the price of Bitcoin more than doubled to an annual high of $ 8,320 (according to CoinMarketCap). It has since been reduced to just under $ 8,000 at the time of writing this article.
The rise in prices is accompanied by other signs indicating that new funds may be ready to return to the markets for bitcoin and cryptographic assets. An indicator of investor confidence is the fact that portfolio software tend to get worse in the Apple wallet store.
Coinbase and Blockchain software are now listed as trends in the popular App Store. Cryptorae, a Twitter user, recently pointed out:
Current trends: "Coinbase" and "Blockchain". Not sure I'm ready for that. pic.twitter.com/mRGgcr8RWO
– rae (@cryptorae) May 14, 2019
A sign associated with renewed interest in cryptography concerns trend research on the well-known Google search engine. According to data from the technology giant, the term "Bitcoin" is currently being researched three times more often than it was three weeks ago. It's still a long way from being as high as at the peak of the 2017 bull market, but it's a clear sign that those less familiar with the technology are once again interested, or for the first time.
Crypto experts have posited some theories as to why interest may be on the rise again. Max Keizer, of RT, believes that the recent financial policies initiated by the United States have made the sound monetary policy proposed by Bitcoin extremely attractive. He also claims that during this bull market, institutions will likely be afraid to miss as much as the retail trade in 2017. This could result in the $ 100,000 + Bitcoin that he claimed as Fidelity customers , Bakkt and TD Ameritrade against retail investors to buy crypto assets increasingly rare.
The technical analysis also seems to point more towards the top. A trader and CEO of the NodeSource coding company, Joe McCann, pointed out that the 200-day moving average of Bitcoin had recently taken a bullish stance. Previously, this has already happened – in 2012 and 2015 – there have been significant increases in the value of cryptocurrencies. The trader says we could consider an "extended bull market".
Judging by the technical details, as well as the clues of the current interest in Bitcoin and the crypto provided by Google and Apple's trend research, Keizer, McCann and others may be right in their dynamism. Finally, it may have finally taken enough time for investors who have a taste for risk to have returned.
Related reading: Moving averages will be the key to Bitcoin's next move. What are the withdrawal prices of the BTC?
Featured image of Shutterstock.
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