Since early April, Bitcoin began to show a breakthrough. Already on April 2, the price for 1 BTC exceeded $ 5000. Later, during the week, there was a mid-market price adjustment, where the value of the coin dropped to $ 4837, followed by an increase, the value of the coin reached $ 5000.
According to analysts, the cryptocurrency after the failed the latter half of 2018 will return to a the latter half of the year. The first such forecast was provided to the public by Fundstrat Global Advisors. Already, the activity of the exchanges and the price for 1 coin can confirm this forecast. In the first week of April alone, trading volumes of bitcoin futures at the largest exchange of CME derivatives grew by 950% and amounted to about 22,500 contracts. If we take into account that the size of the fixed-term contract is now about 5 BTC – daily trading is conducted in the amount of more than $ 14,000,000,000. This is a record level for the year 2019, which returned the cryptocurrency to the beginning of 2018, where BTC was trading at $ 14,000.
The positive trend of BTC returning to its former positions is also confirmed by the number of active bitcoin wallets. Over the past 2 weeks, in total there are only up to 10% of inactive recipients. As a comparison, before March 15, this value was about 50%.
Bitcoin keeps growing for 7 weeks already. Analysts from CoinDesk predicted confirmation of a change in the long-term trend when BTC crossed the key mark of $ 4220. According to analysts, such a significant increase is due to several positive factors: the weakening of the dollar, the results of equity stocks in emerging market countries, and the increased activity of investment groups. The rise in prices of the main cryptocurrency automatically brought the rest of the market up, which began to be characterized by rising trend lines.
An interesting comment on this situation was made by Tom Lee, co-founder of Fundstart from Wall Street. According to the key expert, the coin should cost 2-2.5 times more expensive than the cost of its mining. Tom Lee believes even now Bitcoin is trading well below its real market value, which should be at around $ 14,000.
Editor of IMD News