$10k Bitcoin Bull Run
$10k Bitcoin Bull Run
A Bitcoin bull run seems almost unavoidable after the currency’s value touch 6k barrier, breaking out of the sluggish bear run that has occupied the greater part of Q1 2018. A promptly rise of over 9% in the last 24 hours has conservative market observers predicting a short-lived rally based on BTC’s year-to-date performance, but history has taught us that a Bitcoin bull run can be a force of nature to start increase upward direction.
Bitcoin may be down 39% in early 2018 but appears to be swiftly recovering from a recent downtrend that saw prices drop to almost $6,000 at the beginning of the month. While the crypto market may be breathing a collective sigh of relief as the value of the dominant crypto begins to grow into the 10k resistance, it’s likely that we’re about to see a repeat of Bitcoin’s late November 2017 as growth— but this time, we’re going to the moon.
Bear market time with us as we break down the seven reasons why Bitcoin’s 10k break is about to start the sparks a strong bull run that will take us all the way to 40k.
The $10,000 Bitcoin barrier has long been held as the psychological breaking point of the cryptocurrency. In a statement for BTC price predicted made before BTC’s historic price run last year, CryptoCompare CEO Charles Hayter referred to the $10,000 mark as a “seminal moment”.
$10k represents the closing of the second cycle in BTC which has drawn the interest of Big investors who have so far been constrained from trading by their remits. This is starting to change as more sophisticated and regulated instruments are made available. This will lead to Bitcoins third cycle.
The re-crossing of the $10k Rubicon is set to reaffirm the truth lying dormant in the hearts of HODLers around the world— Bitcoin is here to stay. Casual investors observing the market are now poised to enter the fray in order to capitalize on a “second chance” at the dazzling profits generated during December ‘17, adding momentum to the positive swing.
Bitcoin first broke the $10k ceiling on the 29th of November last year and, after a short 24-hour feeding frenzy that saw prices shaved back down to a little over $9k, soared to $17,000 in a little over one week. Bitcoin has remained impetuous over the course of its tenure as the reigning king of the crypto market, defying prediction and exploding in breakout runs without warning.
A major driver for Bitcoin’s 2018 bull run will be adoption. Coinbase announced the launch of a new merchant solution that will allow businesses to accept cryptocurrency on the 15th of February, facilitating the use of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin as an everyday payment method:
“Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide.”
The ability to use Bitcoin as an everyday payment method combined with the dramatic increase in transaction efficiency promised by the Lightning Network will create the perfect storm for widespread consumer adoption, turbocharging BTC into its longest bull run yet.
Regulatory Legitimization
The behavior of regulatory bodies around the world has a profound impact on the price of Bitcoin and the health of the cryptocurrency market as a whole. In recent history, Bitcoin prices have taken a savage beating due to rumors of crypto-bans in countries such as Korea or China.
The regulatory outlook for a Bitcoin bull run in 2018, however, is looking extremely strong. With Arizona considering allowing residents to pay taxes in Bitcoin and the US House of Representatives pivoting to a positive, supportive stance toward blockchain technology, it’s clear that Bitcoin and blockchain technology is rapidly approaching widespread legitimacy.
$10k Bitcoin Bull Run
Reviewed by mir khaleq ali
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Reviewed by mir khaleq ali
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10:52
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