Bitcoin, the world’s largest cryptocurrency, might just be on the verge of taking on its largest bull run in history. As prices continue to trade in the green, positive sentiment can be largely identified amid a range of factors.
Bitcoin (BTC) marks another day of trading in the green. The world’s largest cryptocurrency by means of market capitalization is standing at $8,176.78 at the time of writing this, marking a 5.82 percent increase over the last 24 hours. This is also part of a whole week of stability and increase.
‘Largest Bull Run in History’
Throughout the weekend, Bitcoin plunged slightly, taking a hit of $300. However, Monday morning, July 23rd, marked a quick recovery, which caught the attention of industry experts. Mati Greenspan, a senior market analyst at eToro, said on the matter:
Positive News Fueling the Bull Run
Last week the world’s largest asset manager and ETF provider, BlackRock, was reported to eye potential expansion into the field of cryptocurrencies and Bitcoin. Shortly after that, New York investment bank Goldman Sachs announced the appointment of a new CEO who is keen on the largest cryptocurrency.
Billionaire Marc Lasry also came out with positive price predictions on BTC, saying that it will reach $40,000.
The wave of good news is helping Bitcoin gain momentum according to both Fundstrat’s Tom Lee and Digital Currency Group’s Barry Silbert. The latter told CNBC that the foremost cryptocurrency has already found its bottom while finding more bullish signs, even in negative news, saying:
When the chair of the Fed says negative things about Bitcoin, and Howard Marks says negative things about Bitcoin, and Ken Griffin says negative things about Bitcoin and Bitcoin doesn’t move, I think that’s a really bullish sign.
TA Becoming Favorable
The current uptick in Bitcoin’s price, however, turns out to be more substantiated and fueled not only by media. According to Tom Lee, the technical analysis are also becoming to look a lot more favorable. Lee says:
Over the weekend there were quite a lot of folks who were talking about TA and the potential formation of either an inverse head or shoulders or a Wyckoff buy off so it sounds like the technical were really starting to become more favorable.
The sentiment was also shared by Barry Silbert.
Do you think that BTC has entered its long-awaited bull run? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock, Twitter/@MatiGreenspan, and CoinMarketCap.