Bitcoin’s price continued to rise at the beginning of the week. A number of factors can be accredited to the uptrend. The same reasons are leading top analysts and crypto experts to believe that bitcoin could reach new highs this month.
Bitcoin’s price has been rising since the beginning of the week. The drive to achieve the golden cross has been boosted by the positive trend. Expectations of an impending bull run to new yearly heights are now higher.
It’s important we look at some of the factors behind the positive outlook. We explore some of them below;
Trade Wars With China
Perhaps the biggest reason for the recent positive spike in bitcoin’s price is the trade wars between the US and China. It is hard to ignore that the war could be driving buyers to buy more bitcoin as a way to hedge risks.
Additionally, the Chinese Yuan has been experiencing a shaky exchange rate which be as a result of the wars. What’s important is that at the end of the day, more people are acquiring bitcoin.
More active trading has also been reported in china which supports the proliferation of Tether. With the critical volume ensured, any shakedown or crisis could benefit bitcoin prices.
In the weeks leading up, mining has been at its peak value. There is no doubt that the activity has picked up significantly the last couple of weeks. And there is no sign of stopping. Analysts estimate that new miners are set to join in addition to powerful hash rates of the leading farms and pools.
Also, in anticipation of reward halving, the new miners may have an interest in holding onto the reward coins as much as possible. Mining is a sign of confidence in bitcoin beyond the short term gains. At $11,000, mining is profitable even for the short term.
The Way To The Golden Cross
Bitcoin’s prices are about to chart a golden cross and this is a sign of confidence. Bot trading and concerted activity may also be triggered as a result of the bullish chart which may add to the upward drive. Since bitcoin has already proven that moving up as much as $1600 in a day is not impossible, a new year high could be in the horizon.
Bakkt Is Launching Soon
Bakkt is now closer than ever before. According to the signs being given by Bakkt exchange, the launch may be sooner than expected. Intercontinental Exchange CEO Jeffrey Sprecher during the firm’s quarterly earnings call, asserted that the launch will indeed be in the near future.
Altcoins Fail To Rally
Bitcoin is the only coin moving actively. Others have been quite stagnant. Quarterly report from Square Inc. says that the flagship cryptocurrency is regaining the public’s interest. Cash app has led to the significant retail purchase of bitcoin in the past quarter, the tune of $125 million.
Altcoins on the other hand have been slowing down with Ethereum, the second largest leading the stagnation. There are still reasons to believe that enough traders will be available to boost prices to a new year high of $15,000.