The Bitcoin bull trend is all over the latest cryptocurrency news and it is definitely something that grabbed everyone’s attention. Today, we are listing four big reasons why this trend may continue and why it could be stronger than the one we saw in 2017.
The big question right now for many is certainly the one predicting the final Bitcoin price or the level to which BTC will spread. However, a lot of analysts noted that this rally is nothing like the “bubble” in 2017.
A lot of best cryptocurrency news sites pointed that there are four big reasons why BTC is going above the psychological $10,000 mark – and the same reasons could be applied to the next crucial mark and all time high of $20,000. As we can see from the entire frenzy, the FOMO (fear of missing out) is inviting many individuals to enter and buy Bitcoin, eventually hoping to take out from its all-time highs.
However, the real four big reasons why BTC may be going over $20k are the following:
- Institutions – Institutional investors have been eyeing BTC for some time now. However, the demand has soared as of June 17 when CME Group saw 5,311 contracts totalling 26,555 (and $246 million in BTC) which was a sign for increased open interest.
- Network fundamentals – The network fundamentals are also one of the four big reasons why BTC is in the zone now. One of them is the hash rate, which hit a new all-time high recently at over 65,000,000 TH/s and proved that BTC is more secure than ever before.
- Bitcoin reward halving – At only 11 months away, the Bitcoin halving is another big factor for the potential rally. Interestingly, the previous halving occurred in the summer of 2016 which was the summer before BTC skyrocketed and visited $20k highs.
- Big macroeconomic picture – Last but not the least in the four big factors affecting BTC positively is the macroeconomic picture. Many analysts tweeted that Bitcoin will be made even more scarce as interest rates are going lower and more fiat currency is created.
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All in all, Bitcoin is a hot topic on many BTC and altcoin news sites. For what we know so far, it could definitely lead the market to a new rally and go over its highs of $20,000.
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