A lot of people on here have BTC and are very involved with the systems and concepts. So a good place to explain why Bitcoin is going to break through the $600-$700 markings its been within for some time now!
Reason 1:
China and Brexit will have aided the recent prices of Bitcoin. The cryptocurrency offers a safe place for the Chinese whilst their currency fluctuates and becomes, similarly to the rest of the world may I add, Is adding ever increasing debt and money issues.
Reason 2:
According to an article by FORBES Bitcoin transactions could triple (which will introduce plenty of newbies).
Forbes cited Juniper Research, a UK based company that specialises in identifying and appraising high growth market sectors as saying, “the total value of Bitcoin transactions is expected to exceed $92 billion (bn) this year – up around 240% from less than $27bn in 2015.”
Reason 3:
Because the BTC price depends on global issues too, usually uncertainty with economy usually brings people to Bitcoin. With this in mind the BBC has reported that according to the Economist Intelligence Unit, Donald Trump winning the US Presidency will ‘disrupt the global economy and heighten political and security risks in the US’.
The Economic Intelligence Unit uses a risk scale of 1-25 and Trump getting elected the US president is cited as having a rating of 12 which is the same as the risk of jihadi terrorism de-stabilising the global economy according to the BBC report. Other risks such as Russia’s military adventures, French Terrorist attacks & Chinese economy taking a ‘hard landing’ will also affect prices!
Reason 4:
MarketWatch reported recently that 2016 has been a strong year for Bitcoin bulls and the cryptocurrency has climbed to levels unseen in 2 years. They have observed a technical pattern emerging in charts as analysed by equity analysts that may suggest the prices may be heading even more northwards.
This pattern known as a flag or a pennant can be seen in the chart given below.
- Source: Marketwatch
Marketwatch cited Jonathan Krinsky, Chief Market technician at MKM partners as saying that this so called pennant formation is about to resume its long-term trend after a period of consolidation.
SO here was a few reasons and graph theories, what do you think? Comment below!
It will happen but is it in the very near future, when will Bitcoin emerge?!
Samuel Cole