The crypto market has been extremely bullish during the past 48 hours, triggering increased excitement and interest in the crypto space.
Bitcoin (BTC)’s price has been rallying like crazy, and of course, it also triggered the other coins’ prices to surge as well.
BTC has been hovering at above $4,000 for the past few days, and now it moved upwards.
BTC hit $5,106 on Bitfinex
BTC managed to hit a high of $5,106 on Bitfinex which was reportedly a new all-time high for 2019.
This sudden volatility within the past 14 hours matched BTC’s tight trading range over the past three months when BTC was swinging between $3,217 and $4,000.
The Daily Hodl writes that “The overhead view from Coin360 shows BTC is now trading around $4,692 at time of writing, up 14.19%. Ethereum is trading at $150.83, up 6.06%. XRP is trading at $0.3323, up 6.77%. Litecoin is trading at $67.42, up 11.17%.”
Crypto enthusiast Brendan Bernstein says the “perfect storm” is rising
Founding partner of crypto hedge fund Tetras Capital, Brendan Bernstein just said that he believes the perfect storm is gearing up for BTC and the cryptos.
He also revealed his top seven reasons for which he’s never been more bullish on Bitcoin than he is now.
You can check them out in the tweet below.
Theres a perfect storm for BTC right now
– Democratic socialism
– MMT (Modern monopoly money theory)
– QE infinity
– 10k boomers retiring daily (entitlements skyrocketing)
– 2020 election
– US interest expense > tax receipts by 2022
– BTC halving in 2020
Never been more bullish
— Brendan Bernstein (@BMBernstein) March 29, 2019
Someone asked “What changes if we see a big macros shift to risk off?” and here’s the response Brendan gave:
“Negative for BTC initially. But paradoxically it’ll accelerate adoption because of the CB response. QE will turn into even looser monetary policy, like helicopter drops. Anything to turn the ship around because our entire system is built on the backs of positive asset returns.”
We posted this at start of this year pic.twitter.com/H2zfDlaT4g
— Thomas Lee (@fundstrat) March 29, 2019
Someone else commented: “All time highs do 8x to 16x the previous all-time high. That puts us in the $150k to $300k range. That’s $3 trillion to $6 trillion market cap. I don’t think that’s out if the question. Gold market cap sits at $8 trillion. The total crypto market last ATH was just under $1T.”
This year, BTC predictions have been bullish, and it seems that things are starting to move in the right direction.