Speaking of bull signals for Bitcoin , there is a view of the rest of the cryptocurrency market, since the main and very first coin is an important catalyst and driving force for the entire ecosystem as a whole, which Forbes writes about, describing three bull signs that, in aggregate give greater confidence in the sustainability of the upcoming rally.
The first sign is the universal growth of cryptocurrency , and not the flow of money from one coin to another, where over the past week only 7 coins out of 100 showed negative dynamics, where BTC grew by almost 10%, ETH by 20%, LTC by 17%, EOS – by 37%, etc.
“It is interesting that the momentum of the recent growth of Bitcoin seems to have been associated with fiat and stable coins to a greater degree than with other cryptocurrencies. This transition from fiat currencies shows at least some agreement that BTC costs are better in the long term than in traditional currencies , ”says Michael Noel, CEO of Blockchain Consultants.
The second sign may be the increased interest of traditional financial companies to blockchain projects and, according to Noel, an example of such interest is the partnership between Mastercard and the startup Fintech Stellar, the project Western Union and Ripple (XRP) , and the introduction of two cryptocurrency NASDAQs.
In addition, Bitcoin recognition is growing among institutional investors, where almost every day we hear that a particular bank, fund or other financial structure invests in cryptocurrency infrastructure.
“I believe that Bitcoin is the trustee for the majority who want to have access to the cryptoactive class while these markets are developing ,” said Jeff Ramson, founder and CEO of PCG Advisory, Inc.
An example of this is the news last week that JP Morgan is introducing its own cryptocurrency and although, according to Ramson, this is not significant for the price of Bitcoin, in fact it gives the market additional confidence that still affects the price of BTC.
This kind of recognition to some extent guarantees the viability of the market and the main cryptocurrency in particular in the long term.
The third sign of a bullish rally and a prerequisite for further growth is the overcoming of $ 4,000 and $ 4,800 for bitcoin, which generally agrees with the opinion of other analysts.
For example, Mati Greenspan from eToro, said that the key psychological and technical resistance to changing the bearish trend, is at around $ 5000.
Publication date 23.02.2019
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