- Bullish analysts are saying BTC is in a bull run, here are tangible reasons they are optimisitic.
- Bitcoin is changing hands at $7,349
Bitcoin (BTC) is on a bullish trend as more investors are taking interest in the coin. In an apparent twist of fate in the crypto-sphere, more users (both digital and fiat) are keen to make a buy into the coin.
The reason for this is obvious. Below are some of the factors that would set this top-rated digital asset on the way of the bulls.
Fidelity leads the pack with Institutional Trading
In recognition of the romance between cryptocurrencies and fiat businesses, Fidelity, a trillion-dollar U.S firm dropped hints of integrating “Institutional Bitcoin Trading” into its range of services.
This is coming on the heels of investors’ interest in the coin. CoinTelegraph reports that over 22% of Fidelity’s Institutional Investors have Bitcoin (BTC) in their portfolios while half of the investors are giving thoughts to integrating the same.
In a swift response to Investors’ interest in the coin, Fidelity, through its cryptocurrency platform, Fidelity Digital Assets, is set to roll out Institutional Bitcoin Trading to meet the needs of its investors.
This is based on the firm’s quest to offer its investors the benefits of blockchain technology and cryptocurrency. Interestingly, Bitcoin (BTC) is the first digital asset to take the leap.
Bitcoin (BTC) Up with Increased Hashrate
Bitcoin (BTC) is literally “fighting tooth and nail” to edge its way to massive adoption. That quest is coming to life as the hashrate of the coin edged by 377%.
In a similar situation, its transactions by block increased by 20%. These signals in addition to investors’ bullishness on the coin suggest that Bitcoin (BTC) is on the way to massive mainstream adoption.
Peter Brandt is Bullish About Bitcoin
Acknowledged for his accurate prediction of the Bitcoin (BTC) bear market of January 2018, Peter Brandt, a popular crypto analyst, is coming through once more for the top-rated cryptocurrency by market capitalization, Bitcoin (BTC).
Read: “We Got it”, Says Binance CEO on Stolen $41 million. Bitcoin Closing $7,000 GapIn the latest analysis, he made a comparison using the weekly Moving Average (MA). This suggests that Bitcoin (BTC) may just be in the way of the pushing past the $6,000 mark; the same way it did in November 2015 after moving from $340 to $19,800.
200 EMA Escape Line – History on the Repeat
The Exponential Moving Average (EMA), also called the “Exponentially Weighted Moving Average” is a signal that helps investors to make decisions on favorite crypto coins.
Since the bullish trend of October 2015, which saw Bitcoin (BTC) breaking even from the 200 EMA line, it became apparent that the coin is set to take over the crypto-sphere. That feat is about to be replicated considering the fact that Bitcoin (BTC) is making the same moves in recent weeks. The coin leveraged a short-term bullish rally to cross the 200 EMA line once more. Could history be on repeat for this crypto coin? It seems so!
Ichimoku Analyst Predicts a $10,000 Mark
Joining the fray of Bitcoin (BTC) analysts that tip the coin to victory is an Ichimoku technical analyst, Mitoshi Kaku. He hints that Bitcoin (BTC) could push past the $6,200 mark predicted by most analysts. In his view, the coin would launch a bullish rally that will send it up to the much-anticipated $10,000 mark.
The Move for a Bitcoin-based ETF
Exchange Traded Funds, which are classified by the U.S Securities and Exchange Commission help in tracking the movement of commodities such as gold.
In the same vein, it helps investors to invest in the given market without engaging in the risk of buying and selling the commodity in view. This has been the aim of Bitcoin (BTC) enthusiast in recent years but all efforts were in vain.
The crypto community has since given up hopes of an SEC-approval of the Bitcoin-based ETF, owing to the incessant rejections in times past.
However, a light seems to sparkle at the end of the tunnel with the recent application by the United States Commodity Index Fund Trust, which sought for the approval of Bitcoin’s ETF.
Now, the crypto community waits anxiously for the approval.
Final Thoughts
Although some pundits posit that the bullish rally of Bitcoin (BTC) might hedge around $6,450 and $7,000 because of the imminent ocean of reds that is underway, many other analysts are bullish that the coin will swim past and head for another all-time high. For record purposes, Bitcoin (BTC) is now changing hands at $7,349 with a market cap of $130 billion and market dominance of 59.1%.
