Bitcoin is the talk of the cryptocurrency community once again as the top-ranked coin marches towards $8,000. Analysts say there is a lot of positive sentiment in the market, with optimistic price projections from almost every BTC maximalist.
Mati Greenspan, an analyst at eToro, even thinks that BTC is set for its most significant bull run to date. If that happens, Bitcoin could be in line for a new all-time high (ATH).
Bitcoin Climbs Above $7,700
Today, Monday, 23 July 2018 has seen BTC recover the 3 percent decline experienced during the weekend. Bitcoin is back above $7,700 to take its seven-day performance to more than a 16 percent increase.
Within the last 24-hour trading period, BTC has managed to move past three successive resistance levels without becoming significantly overbought. This phenomenon could indicate a healthy positive price trajectory—one that might be sustainable, at least in the short-term.
Despite the price dips in June, the top-ranked asset seemed to have an Inverse Head and Shoulder pattern which usually signifies bullish conditions in the market. With the price behavior seen so far in July, it appears June was a consolidatory period for the BTC market.
eToro Analyst Predicts Largest Bitcoin Bull Run Imminent
One analyst, Mati Greenspan of eToro is particularly bullish towards BTC at the moment. In a tweet posted earlier in the day, the eToro senior analyst said that Bitcoin could be on the precipice of its largest bull run ever. Greenspan’s comments are the latest in a series of positive sentiments towards the popular crypto.
Last week, Digital Currency Group CEO, Barry Silbert, said that Bitcoin has bottomed out for 2018. He was referring to the decline below the $6,000 mark that happened twice in June. Others like Arthur Hayes of Bitmex believe another price dip is still ahead but that Bitcoin will still finish the year strongly.
In the past fortnight, there have also been numerous positive developments in the area of institutional investors. Steven Cohen and BlackRock Inc. have made significant strides toward investing cryptocurrency, which has helped to uplift the mood among retail traders.
However, many experts still believe that a lot more big-money involvement is still required in the space. Speaking to Express.co.uk, Romal Almazo of Capco said:
“Any signs of the big players entering the market will cause huge waves. Though my personal belief is that we are still a few years away from reaching this tipping point, we are in what I would refer to as an exploratory phase when it comes to institutions and crypto.”
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