Bitcoin is ready for another “price explosion”, according to some analysts. Recent weeks have seen bitcoin rise by more than a third in value to return above $9,000 for the first time since March.
“I’m not surprised to see bitcoin’s price exceed $9,000 this week,” said Rodrigo Marques, CEO of investment platform Atlas Quantum. “Rumors of a price explosion seem to have been driven by more and more institutional buyers getting into cryptocurrencies.”
The market has seen a large increase in buy orders for the world’s most valuable cryptocurrency. As noted by Cryptoslate, buy orders compose over 92% of market activity for the first time since March 2017. “With so many buy orders placing pressure on the cryptocurrency market, a significant price shift is highly likely,” the cryptocurrency website states, adding that a massive price surge is “inevitable.”
“Although there are ongoing regulatory concerns in key markets, they do seem to be dissipating,” Mr Marques said. “If these concerns are addressed and there is even more positive movement related to regulation in these markets, there could be even more buying pressure to come.”Trade here