Bitcoin price has maintained its speedy growth and on June 26 it hit $12,573 for the first time in over a year, according to Coinmarketcap. Bitcoin (BTC) touched the $12,000 mark early this morning after frequently trading in the $3,000-$4,000 spans in the month of January 2019. Press time bitcoin is trading at over $12500, after having raised its price 11% over the last 24 hours.
Many enthusiasts believe that at this stage Bitcoin (BTC) is encouraged by FOMO, while the market reemphasizes the condition of late 2017.
Reasons
Fomo (fear of missing the connection) should be the psychological main thrust. Also, the announcement of the Libra project on 18 June. A consortium of the world’s largest technology companies wants to launch its own blockchain-based stablecoin and launch it in the first half of 2020. The activity around Facebook’s Libra coin and possible crypto ban in India are also referred to as important catalysts to the Bitcoin’s rally.
Viewing technically, Bitcoin (BTC) has been rising solidly for eight days in sequence, which is the most extended duration of constant increase since December 2017. As BTC/USD is now at $12,500. Once it is out of the way, the next bullish target of $13,000 will immediately come into the picture.
Later this year, organizations such as Bakkt, Fidelity or ErisX will bring institutional investors to the market. Also, a Bitcoin ETF is speculated on the possible introduction. Experts compare this to the introduction of an ETF on gold in 2004, which led to a strong rise in the price of precious metals. Bitcoin Halvening is coming up in May 2020. The block reward is halved from 12.5 to 6.25 Bitcoin per block. Investors are speculating on a rise in prices due to the halving of annual inflation to around 1.8%.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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