These 4 Factors Build Bitcoin Price's Huge Bull Case
by Samedo 1 min ago
Over the past few days, Bitcoin (BTC) exploded further, and buyers took steps after weeks of inactivity. This buying pressure helped the crypto currency reach its 8-week high on Tuesday morning.
Related Read: Is Bitcoin Ready to Crash Under $ 5,000? Market Cycle Fractal So Suggests
Although bullish momentum has slowed since then, analysts are now beginning to convert medium-term bulls in the crypto currency to bring together technical and fundamental reasons.
Factor 1: BTC Graph Prints Bull Signals
Over the past few days, the Bitcoin chart has printed a rush of upward price signals:
The volume indicator on the balance is a seemingly falling wedge, implying that further upward rallies will be coming soon.
Bitcoin trades on a Wyckoff Accumulation scheme, which implies that the crypto currency will rise to $ 9,000, perhaps higher by the end of the month.
Bitcoin confirmed the reverse head and shoulder pattern, indicating that the $ 8,000 high value works for the BTC.
Factor 2: Metrics on the Chain Suggest to Return to the Bull Run Soon
Indicators of investor activity – closely linked to market cycles – show clear signs that Bitcoin is not present in the bear market, as the crypto money fund Adaptive Capital's partner Willy Woo and a chain analyst draw attention to investor activity.
Rather, while Woo continues on the tweet, the indicators show that BTC is in the midst of the birik re-accumulation ın phase of the bull markets, following a top rally that brings Bitcoin to one or higher size. more than it started.
Repeating history, according to Woo's analysis, means that Bitcoin will explode more by the second half of 2020, meaning that BTC will determine all-time highs in a few months or a year.
Factor 3: Macro Tensions Prefer Bitcoin
Another upside factor likely to help Bitcoin is the macroeconomic and geopolitical environment.
On the evening of January 2, US officials confirmed that Iranian President Qassem Soleimani was killed in Baghdad in an air strike led by President Donald Trump. As Soleimani was the key leader in Iran, the media – mainstream and social media – broke out. every commentator was trying to weigh what this event meant for foreign policy, a potential World War 3, oil, and – as you have guessed – bitcoin.
According to a tweet from Mike Novogratz, a former Goldman Sachs partner and current CEO of Galaxy Digital, the Iranian situation is rising for gold and BTC.
The investor wrote that he expects to be on a geopolitical scale in the coming weeks. He wrote a little paraphrased: “Iran will start firing US troops. Iran will have more influence in Iraq. The Saudis do not want conflict. Because of all this, the Middle East will become less stable and create more volatility in global markets. "
The idea of Novogratz's comments is that, in times of geopolitical and macroeconomic instability, Bitcoin should rise because the asset is seen as decentralized, non-dominant and scarce.
Factor 4: Bitcoin's Hash Rate Does Not Slow Down
And to put a cherry on the crypto money cake, Bitcoin's hash rate – the measure of computational power processing BTC operations – hit the all-time high on the first day of 2020. The all time high, 119 exahash per second, or 119 with zero after that.
Related Read: Why Bulls in Bitcoin Network's Record 2019 Crypto Market
This increase in hybrid rate broke the all-time high set more than two months ago in October, indicating that Bitcoin's network is now stronger than ever and is an incredible start to 2020.
Featured Image from Shutterstock
Categories: Bitcoin News
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