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.
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.
Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malignant behavior. This is indeed a national security issue.”The results of the Messari research show the same thing that Europol already concluded in their report ‘’Why Cash Is Still King?’’ where they talk about fiat money is the number one tool used in crimes. In the reports they also describe how criminals still use fiat money in their operations rather than bitcoin and cryptocurrencies:
“Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process … While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”As noted in some of the best cryptocurrency sites and reports, bitcoin is still considered as stable rather than fiat money since in the last decade the FED increased the currency supply by more than 12.664% which is more than Bitcoin did.
Big BTC Price Boom Will Bring To Consolidation: Market Experts
“If BTC goes to $100, it is game over. It won’t. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. BTC is consolidating before its next move higher.’’The crypto technical analyst Josh Rager indicated that from a technical perspective, Bitcoin has still not broken out of the $10,850 resistance level:
“Daily time frame resistance did its job & price closed under after that $400+ wick It’s always good to wait for a retest to make sure a broken resistance holds as support & this is a clear example Neutral at the moment & still in range.’’The big BTC price boom is expected to bring the price above the $11,000 level and it is expected to start a consolidation phase. The traders indicated that the $10,850 resistance level should be breached in order to confirm a bullish trend:
“10.4 met. No violent reaction, no rejection – BTC looking decent. Let’s see reaction at this next resistance. Punch and close above $10,850 and things start looking substantially bullish.’’As it was explained in the analysis in the best cryptocurrency news sites, Bitcoin was not able to reclaim the $10,850 position despite the action which led the cryptocurrency to surpass the $11,000 on July 20. As the price slumped, precious metals such as gold and silver are having the best times of their lives. However, according to Equity Armor Investments executive Brian Stutland, says that crypto assets will appeal to investors if the interest rates fall.
Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
"We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH," one of the tweets which went viral on many best cryptocurrency news sites reads.As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm's sales team is starting to ramp up discussions with everyone from brokers and market makers. The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their "Careers" page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt's plans post-Bitcoin futures. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”Earlier reports have suggested that Starbucks may be one of the users of Bakkt's eventual payments solution which is most likely to involve Bitcoin. Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.
Join us on Facebook
- FINRA Prolongs Deadline For Companies To Report Crypto Activity
- Bakkt’s Moonshot Futures Program To Start Testing Today
- Robinhood App To Launch A Cash Management Account Soon
- Etoro CEO Yoni Assia Will Join The $4.5 Million Lunch With Warren Buffett
- Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News5 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Regulation4 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Regulation4 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Bitcoin News4 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Press Releases5 days ago
Sorry Mr President, cryptocurrency has a bright future
Bitcoin News16 hours ago
Big BTC Price Boom Will Bring To Consolidation: Market Experts
Bitcoin News2 days ago
Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
Altcoin News4 days ago
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors