By
Steve Muchoki
April 23rd, 2024
After a continuous rally for nearly two weeks which catapulted Bitcoin to almost $8000, and some major profit booking is being currently observed with the price of Bitcoin consolidating around the $6000 mark.
However, it seems that the party is yet not over and analysts are still bullish on the uptrend of Bitcoin. Many believe that the prices of Bitcoin could jump by nearly 70% from here and could possibly touch $10000 by this Christmas.
Technical analysts and investors have predicted based on the charts, Bitcoin prices have convincingly crossed the price benchmarks of 5k, 6k and 7k dollars. The price-volume charts suggest that there is a bullish sign for the investors which can determine the further direction of momentum and analysts say that there is every possibility it could touch $10000 by the year-end.
Moreover, another reason that can be backed by the fundamental analyst point-of-view is the fact that many big players from the “Wall Street” like Goldman Sachs and the CME Group have decided to actively participate in Bitcoin trading.
CME Group’s chairman and one the most prominent figures from Wall Street – Leo Melamed has shown confidence in Bitcoin saying it to be treated as a new asset class in near future. By bringing cash-settled futures contracts CME Group aims to reduce the volatility in Bitcoin thereby making them more stable and predictable for investors.
Amidst a major China crackdown on the operations of local exchanges in the country, initially, there was a significant reduction in the market-liquidity as China was a major contributor in terms of trading volumes.
However, it is been seen that other Asian countries and major economies like South Korea are now contributing to the market-liquidity and investors from the country have participated in the latest bull-run in Bitcoin prices. All these factors show that there is an overall positive sentiment growing around Bitcoin and a sense of confidence is developed in the market about its future.
Another good thing coming along the Bitcoin way is that the much anticipated SegWit2x hard fork has been canceled (maybe for the time being) as the team behind the proposal couldn’t reach a proper consensus.
There has been a continuous bull-run in Bitcoin for almost a month now and currently, the market is experiencing some major profit booking. But remember that Bitcoins are still subjected to extreme volatility and the odds can turn down anytime in favor of the bulls or the bears depending upon any major news or announcements coming. It will be interesting to observe the future momentum and how markets are reacting in the next 50 days before the ending of 2017.