{"id":8006,"date":"2020-01-31T07:32:41","date_gmt":"2020-01-31T05:32:41","guid":{"rendered":"https:\/\/forklog.media\/?p=8006"},"modified":"2020-02-01T00:27:59","modified_gmt":"2020-01-31T22:27:59","slug":"experts-name-bitcoin-price-growth-triggers","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/experts-name-bitcoin-price-growth-triggers\/","title":{"rendered":"Experts Name Bitcoin Price Growth Triggers"},"content":{"rendered":"

After being down below $7,000, the Bitcoin price is growing again. Importantly, such price moves are not something that comes out of nowhere. But is it because of the whales, the politics, or something else entirely?<\/span><\/p>\n

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Here is a roundup of experts\u2019 opinions about the reasons behind Bitcoin rally and their forecasts regarding the long-anticipated crypto-spring.<\/span><\/p>\n

Institutional Players at Helm<\/span><\/h2>\n

According to Alexey Kirienko, managing partner at Exante, the drop in Bitcoin\u2019s real trading volume at the beginning of January and the sudden return of the demand may signify that institutional investors are ruling the market.<\/span><\/p>\n

\u201cOn January 13th, CME <\/i><\/b>launched<\/i><\/b><\/a> Bitcoin options trading. The platform <\/i><\/b>outpaced<\/i><\/b><\/a> a similar product from Bakkt launched on December 9th. Another apparent reason is the geopolitical uncertainty in Iran,\u201d<\/i><\/b> he noted.<\/span><\/i><\/p><\/blockquote>\n

As for the altcoins, Alexey suggested that many have reached good levels for purchase.<\/span><\/p>\n

\u201cThe most interesting things are the top altcoins, such as Bitcoin forks and anonymous coins like Dash and ZCash. In the case of ZCash, before the rally, the price has gone so far down that the network has lost some of its hash rate,\u201d<\/strong> Alexey said.<\/span><\/em><\/p><\/blockquote>\n

FxPro analysts also <\/span>believe<\/span><\/a> that the current uptrend in Bitcoin price and trading volume is related to institutional investors coming back from their winter holidays.<\/span><\/p>\n

They\u2019ve added that their greed and fear index is in the \u201cGreed\u201d mode, while the relative strength index also shows that the asset is approaching overbought levels.\u00a0<\/span><\/p>\n

\u201cOver the next few days, the crypto community will find the triggers of the current dynamics. It will take some time to test the stability of the rally. At this point, the scale can easily lean in either direction. While there is visible growth of infrastructure around Bitcoin and keen interest of professionals, altcoins are considered a kind of \u2018wasted\u2019 asset that has lost its reasons for further existence,\u201d <\/i><\/b>the analysts noted.<\/span><\/i><\/p><\/blockquote>\n

Global Politics and Other Clues<\/span><\/h2>\n

Bitcoin enthusiast Andriy Velykyy stressed that Bitcoin is a highly volatile asset and a target for speculations. The price moves aren\u2019t necessarily related to some external reasons and may be triggered by players with large capital. Nevertheless, Velykyy thinks that the price could\u2019ve been affected by recent political events.<\/span><\/p>\n

\u201cI can assume that the big money looks for a way to get into an asset you easily take with you when running from a problematic area. Notably, the price at Iranian LocalBitcoins is off the charts.\u201d<\/i><\/b><\/p><\/blockquote>\n

Among other influences, he names the anticipation of the upcoming reward halving and the fact that Craig Wright <\/span>won\u2019t give up<\/span><\/a> over 500 thousand BTC to the estate of Dave Kleiman<\/span><\/p>\n

The founder and CEO of Galaxy Digital Mike Novogratz expressed his <\/span>concerns<\/span><\/a> about the origin of an extra $45 billion in Bitcoin capitalization. Earlier, he did forecast Bitcoin price growth tied to the U.S.\u2014Iran conflict.<\/span><\/p>\n

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The more I analyze this Iranian situation, the more bullish gold and $btc<\/a> I become.<\/p>\n

— Mike Novogratz (@novogratz) January 5, 2020<\/a><\/p><\/blockquote>\n