Bitcoin has embraced the bulls back in April, and this triggered a much-awaited feeling of excitement when it happened. Now, the crypto community was shocked to see the most important crypto in the space rising above $9,000 in just a few minutes.
Bitcoin rose higher above the $9,000 mark, and the coin even reached $9,090 on CoinMarketCap.
Before this happened, “BTC was struggling to make any movement above the $8,888 level, causing BTC/USD to drop into support at $8,490,” Investinblockchain noted.
Bitcoin to hit $30k
The Bitcoin-related predictions have been literally flooding the crypto space this year, and these have been intensifying since the bears came back in April.
Now, the co-founder and managing partner at Kinetic Capital blockchain investment firm said that the incoming institutional investors in the crypto space would provide a strong foundation for the future of this industry which is developing really fast.
Jehan Chu told Bloomberg that according to his opinion, investors are looking for innovative opportunities to invest, and that’s why Bitcoin would rise to $30,000.
Three potential catalysts of a massive surge
“What people really see now is that cryptocurrency is not going away. And you don’t have to take my word for it. It’s Facebook, it’s Jamie Dimon, it’s Rakuten, it’s Fidelity – all who are getting in the space either in building infrastructure or providing services. So that’s first. It’s going to drive mindshare and drive adoption,” he said cited by the Daily Hodl.
He continued and highlighted the second catalyst: “Second, I think what we’re seeing is a counter-cyclical argument.”
He pointed out the third trigger for this surge: the Bitcoin halving which is coming in 2020. He explained that this usually pushes the price in double-digit percentages.
At the moment, BTC is trading in the red on CoinMarketCap, and the coin is priced at $8,280.30. But the fact that BTC rose like that just recently is reportedly a reliable indicator that the bulls want to take the price much higher than $9.000.
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.