An Other Bitcoin (BTC) Bull Run Could Happen?
$6,800 per Bitcoin (BTC) is the current magic number when you ask any seasoned Crypto-trader in the crypto-verse. They believe that once this resistance level is broken by the King of Crypto, we could be seeing BTC values get to a new zone of between $7,000 and $8,000. BTC is currently trading at $6,723 and up 3.36% in the last 24 hours. If its current momentum continues, we could be breaking the $6,900 ceiling very soon.
Experts have done a good job of analyzing the general direction of the price of Bitcoin in the coming months. But technical analysis goes hand in hand with current events that affect the crypto-markets.
Bitcoin ETF Factor
The general mood and feel from crypto-enthusiasts, is that the SEC will approve the Bitcoin ETFs filing by the CBOE. This is due to the fact that previous ETFs were filed during a period while the rest of the world had not shown signs of regulating the industry. At the moment we have the following countries that have passed laws and/or expressing their will to do so.(Malta, South Korea, Japan, Canada, Germany, Thailand, Philippines, just to name a few).
This means that the SEC has seen the global progress of crypto adoption as an investment option and will approve the Bitcoin ETFs. The date of an SEC decision is unknown, but many believe it will be in August.
Just yesterday, the news of the BlackRock investment firm exploring blockchain and cryptocurrencies, caused a spike in the price of Bitcoin (BTC). The value of BTC rose from the levels of $6,200 to those of $6,600 in less than 24 hours.
Other institutional investors
The institutional investors are slowly trickling in to invest in the crypto markets. Coinbase has even introduced its Custody service to securely store the digital assets of high net individuals and the said institutional investors.
One good example of the entry of institutional investors, is the declaration of the Swiss based stock exchange of SIX. They will be creating a crypto-trading platform.
The Coinbase cryptocurrency exchange has just received the go-ahead to become a government-licensed broker-dealer platform in the United States. This means the exchange can now list digital assets that are classified as ICO tokens. More investors in the United States will now be able to invest in the numerous ICO tokens available, further boosting the volume of the entire crypto markets.
In conclusion, the technical analysis of Bitcoin (BTC) had indicated the King of Crypto had been over-sold last week and a rise in value was imminent. The BlackRock news, Coinbase and Bitcoin ETFs could confirm a new Bull Run in the second half of 2018.