Bitcoin, the flagship cryptocurrency is at its crazies race to break new records. The ongoing bitcoin bull run reminiscent of late 2017 when it touched to an all-time high of nearing $20K.
At the beginning of April – Bitcoin broke $5000
On May 10 – Bitcoin smashed $6000
On May 12 – Bitcoin touched $7000
On May 14 – Bitcoin surged over $8000
Currently, Bitcoin is racing to catch $9000, on that condition, it’s really worth notice will BTC smash $1000 before the End of May.!
At press time, Bitcoin outperforms $8000 figure and gained 12.45 percent within the past 24 hours. The average market volume counts at $141,657,041,698 which resulted in the entry of BTC dominance, which is close to 60%. Nonetheless, Bitcoin boom marks a 110% rally this year and now everyone in a puzzle – ‘can the crypto comeback last.!.
BTC Signalizing higher – Traders and Analysts are elaborating how.!
The sudden bang of Bitcoin from around $7000 to over $8000 created FOMO around the crypto market – on contrast – few traders and analysts are suggesting the market’s constructive sentiment in the near future.
$BTC – The FOMO is real Bitcoin is currently on a tear & the next target of serious interest is $8200+ High interest remains near $6400 if BTC decides to cool off & pullback My dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again
According to a trader, Josh Rager
‘BTC will not hit the low of $5500 – $5700’ again. As such, another trader; The Crypto Monk’ suggested a similar view and said ‘anything in the 6K right now is a dream entry’.
Anything in the 6k’s right now is a dream entry. All eyes on $6.8k support. It’s all about consolidating and establishing a range to leave some room for alts. $BTC.
At What Price Do We Really See FOMO? $10000?
On the other hand, Tom Lee, a.k.a Bitcoin bull and the head of research at Fundstrat Global Advisors criticizes the level of FOMO. He rolled a poll on social media asking crypto community ‘at what price do we see FOMO’. Consequent result of the poll which amassed total 7763 votes showed $10000 as the level for FOMO.
Possible Reasons Behind Bull Run
Nevertheless, the Crypto community expresses a few strong signals that led BTC to boost to a new high of 9 months. At present, Bitcoin stands with $140 billion market cap, letting traders and analysts predict and bet higher on its upcoming move. To note, the following are the strong signals that analysts as well as a community think – has influenced the value of Bitcoin.
Bitcoin Futures By Bakkt
On Monday, 13 May 2019, Bakkt, a Bitcoin Futures Exchange released a new blog post and announced the launch of its bitcoin futures product. The platform has confirmed July as the month to hit crypto market with ‘their physically bitcoin-future products developed in collaboration with major market players including ICE Futures U.S (Intercontinental Exchange’s ICE Clear US) and ICE Clear U.S. In addition, Kelly Loeffler, Bakkt CEO notes that the platform works closely with the U.S. Commodity Futures Trading Commission (CFTC).
Although Mr. Loeffler revealed Bakkt’s present status, the platform is yet to approved by CFTC but the CEO seems confident of the approval. As he said;
“…bitcoin futures will be listed on a federally regulated futures exchange in the coming months.”
Nevertheless, Bitcoin futures product by Bakkt is different than what CME and Cboe launched back in 2017. While Bakkt will deliver actual bitcoin, CME and Cboe’s futures product were defined with cash equivalent on the expiry of the contract.
To remind, BTC’s bash of $18000 in late 2017 appeared after the bitcoin futures launch announcement by CME and Cboe. At that time, the value rallied from the lowest price to all-time high nearing $20k on December 19, 2017.
Having said that, Bitcoin may probably continue its rally and will more likely perform significantly before the end of May 2019.
Concerning Bakkt’s new launch, a famous trader Peter Brandt states that;
Yet another reason that Thomas Lee sees behind the bash of Bitcoin is ‘Consensus 2019’ conference, happening in New York. Looking closer at the market value, Consensus which is one of the largest crypto conferences began on May 13 – the same day when Bitcoin was hitting to move over $7000. Within just 10 hours of the start, Bitcoin began trading over $8000. Mr. Lee added on his Twitter profile;
Similar sentiments can be seen by turning the Consensus 2017 and 2018’s pages on the web. The price quickly bumped with the start of the event that gathers quality of the largest crypto audience.
So readers, do you think Bitcoin will smash $10k within the end of May 2019.? Let us know in the comment below.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com