The Bitcoin appreciated to nearly 9,000 USD, as for the first time since March 2017, buy orders composed over 92% of market activity. With so many buy orders placing pressure on the cryptocurrency market, a significant price growth is highly likely. The Bitcoin price jumped by more than 1,000 USD for a week, touching the psychological barrier of 10,000 USD.
The buy order presence isn’t the only indicator that hints toward a massive run up in the near future. However, the expectations are more modest compared to January.
“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year … It’s overdue. Bitcoin was incredibly oversold”, said the Fundstrat co-founder and head of research, Thomas Lee.
Bitcoin, altcoins, and blockchain technology are the most modern trend in business and finance development. Interestingly, the Delaware State Senate has recently passed an act that explicitly allows for the use of blockchains to maintain corporate share registries, making it highly likely that crypto-assets will replace traditional securities entirely. This additionally strengthen the positions of the cryptocurrency.
The risk appetite has also been mostly supported in the markets, which means that traders are willing to place bets outside of traditional assets like stocks and commodities. Sentiment in the cryptocurrency industry itself has also improved significantly over the past couple of weeks, spurred by news about big hedge funds and acquisitions in the space.