From the decline of Bitcoin (BTC) in July of 2019, when it reached the price of $6,400 by mid-December, analysts have been asking themselves when bulls are going to start pushing cryptos in higher areas. Now, the bitcoin growth trend is coming back to take the cryptocurrency up again as we are reading in our bitcoin latest news.
According to institutional investment data, concretely the Commitment of Traders Report for the CME, which owns Bitcoin (BTC) derivatives, the said bull run could begin again. Well-known crypto trader Cantering Clark some time ago drew certain interest toa very bullish trend through his Twitter. The trader explained that according to the Commitment of Traders data, there is a significant increase in the long positions which are held by traders such as Asset Managers. He continued to explain that this bitcoin growth trend is now higher than it has been in July.
While there are some who could see this as a signal that asset managers are becoming too bullish too fast, the trader said that this is a “similar pattern to what we saw in early 2019”. While Cantering Clark did not take a specific stance on what is the implication from this for Bitcoin (BTC), a very similar growth in asset manager long positions on the CME’s futures contracts happened on the week Bitcoin (BTC) started to grow, resulting in 330% growth, $14,000.
Fundstrat Global Advisors, a well-known market strategy and sector research company that is based in New York, released its Crypto Outlook for 2020. In the segment that the firm released it is written that the company thinks there are three fundamental factors that will push Bitcoin higher by over 100% in the coming 12 months.
In a couple of months, the halving will happen, which is when the block reward of Bitcoin (BTC) will be shrunken by half, which will have the consequence of a 50% decrease in the inflation rate of the biggest cryptocurrency in the world. The geopolitical risk may pose itself as beneficial. With the ongoing tension between the US and China/ Iran can cause Bitcoin (BTC) to prove itself as a digital, non-aligned store of value in these trying times.
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