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“Rally On The Doorstep”: Bitcoin Shows Signs Of Bull Run Similar To 2017 - Binaryx

“Rally On The Doorstep”: Bitcoin Shows Signs Of Bull Run Similar To 2017

Crypto enthusiasts are jubilant as factors are on the horizon that could signal Bitcoin’s preparations for a bull run. Will Bitcoin be able to break the $12,000 milestone and set a new high before the end of 2020?

Positive market dynamics in Bitcoin

The last trading session ended for Bitcoin with a 6.95% price increase from $10,804 on October 5 to $11,555 on October 12. Some traders have already dubbed the rise in the price of Bitcoin as the beginning of the exit from the flat, which was necessary for the flagship crypt to accumulate technical strength for further growth.

The optimistic statements of traders were reinforced by statistics on key market metrics. In particular, against the background of the rise in the price of Bitcoin, the total capitalization of the cryptocurrency market increased by 6% and is $359 billion. The warming of attitudes towards Bitcoin is also evidenced by the daily valuation of the crypto asset by the number of mentions on Twitter – 62.4. Of course, this is an alternative indicator and should not be judged as the last resort, but the fact that they talk about Bitcoin mostly in a positive way is already a good sign.

Surprisingly, even the scandal around the BitMEX crypto exchange could not shake the positive on the crypto market. The negative news was ignored, and the fears of some traders about the fall in Bitcoin did not materialize.

Investor activity is fueling Bitcoin

The giants of the financial market have begun to openly view Bitcoin as an investment asset. This is evidenced by the multimillion-dollar investment in Bitcoin: recently, the payment company Square invested $50 million in Bitcoin, Stone Ridge – $100 million. While institutions are buzzing about buying Bitcoin to diversify their assets, crypto enthusiasts see this as a ground for crypto growth.

The demand for Bitcoin among retail investors has also increased. Analysis of Bitcoin’s on-net activity confirms an increase in the number of trading operations with this cryptocurrency. By analogy with 2017, we also see a decrease in the number of coins that are stored on spot exchanges. This is reminiscent of the accumulation stage at the end of 2016 before the bull run and hitting an all-time high of $20,000.

DeFi is recovering

Of course, the hype around DeFi has fueled interest in the cryptocurrency market and Bitcoin in particular. Even the 23% drop in DeFi’s total market capitalization last week failed to tarnish its assets. DeFi tokens are gradually recovering in price, trading volume is gaining momentum. According to Flipside Crypto, the daily inflow of tokens to the DeFi market is estimated at $300 million, 70% of which comes from Uniswap (about $211 million).

The boom in the DeFi market has become a driver for Bitcoin tokenization to use the asset in the decentralized application space. Today, Bitcoin has been tokenized for an amount exceeding $1.1 billion.

Will Bitcoin at $14,000 by the end of 2020?

The end of 2020 promises to be a busy year for Bitcoin. A poll from the Finder platform showed that most traders expect the price of Bitcoin to rise to $ 14,283 by the end of 2020. This forecast is based on the average price, voiced by 30 experts.

Despite the overwhelmingly positive attitude towards Bitcoin, the accusations of regulators against BitMEX, with subsequent claims against DeFi, may “thicken the picture”. Time will tell whether Bitcoin will be able to overcome possible external obstacles and find itself in the region of $ 12,000 for the 4th time.

Of course, we all want to see an increase in market capitalization, followed by an increase in asset value. Yes, reality BTC is now in a growing channel, as evidenced by the charts and recent price changes. According to technical analysis, it is likely that the price will reach USD 12,000 by the end of October. Further, we will look at the fact.

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