CHILLFOREX
Long

BTC Analysis - Should we see another Bull Run - MUST READ

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
With Bitcoin again starting to have a Bull Run on the back of their being more signs of adoption and regulation of Cryptocurrencies, once consumers are given protection on these products then we will see a lot more investors and everyday people beginning to buy. We have seen Goldman Sachs, Barclays, George Soros, Rockerfeller and even Warren Buffet either considering or starting up Cryptocurrency funds or desks, so the shift is starting to change. More places are accepting cryptos as payment
That's only some of the fundamentals, now lets move to the technical, after seeing the biggest bullish candle on BTC - that is now shown that it wasn't just a quick pump, we have seen a continuation, it has broken through the monthly pivot point with some strong bullish candles after previously taking a small bounce off of it previously, the bullish trend line shows we are making higher highs and higher lows and for the first time in a month we reached the 9k mark, what you have to remember about Bitcoin was the price a year ago up to today we are still HUGLEY up.
The people who bought at low prices are HODLING so they no longer influence day to day prices, the more people that buy to use the more the price will go up.
Also just remember when BTC reaches its total supply, there will be no more coins made, and Basic supply and Demand tells your when the supply runs out the prices are driven up. (as long as their is a use to the product or asset) What do you think will happen if the world stopped making Gold and Oil? Would prices fall? Nope they would go up.

Comments

Most likely it will break that trend line and go back towards 7.2k
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CHILLFOREX scazza2604
@scazza2604, yep - price action is always key, Id prefer a deeper correction to get in on a long position
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