35 days rose 113%! Can Bitcoin break through the $10,000 mark and can still get on the bus?

Bitcoin broke another $10,000!

OKEx data shows that as of press time, the price of bitcoin is 10842.95 US dollars, and today's highest price has risen to 11246.2 US dollars.

Since November 2017, bitcoin prices have reached a minimum of $3126.02. From the lowest point to the current price, the increase was over 246%.

• Tencent's largest shareholder wants to copy the myth of investing in Tencent on Facebook Libra
• Bitcoin is dead, Libra is standing?
• Bitcoin Data Weekly | Price breaks 10,000 US dollars, the data on the chain is a new high, "mad cow" strikes?

In December 2017, Bitcoin hit a record high of $19,576. However, in 2018, bitcoin prices fell by 74%.

Bitcoin prices have ushered in huge gains since April this year. According to OKEx data, on May 20th, the price of Bitcoin was 5089.8002 US dollars. In just 35 days, Bitcoin rose by about 113%.

1

Who is behind the scenes?

So, what is the driving force behind the price increase of this bitcoin?

According to the analysis of "International Finance News" reporters, Bitcoin has broken through three major resistance levels in the past three months and broke through the $10,000 mark on major exchanges on the morning of June 22. Bitcoin and digital assets have shown varying degrees of capital inflows over the past three months.

According to the introduction, in the past three months, the Bitcoin contract has been in a long-term premium, and the institutional positions and trading volume of the CME Bitcoin contract have continued to rise with the price. Bitcoin's large French currency deposit channel usdt has maintained a positive premium for most of the past three months. At the same time, the implied volatility of bitcoin options trading is also constantly innovating.

“The recent release of the Libra white paper has boosted confidence in the blockchain industry. The former FATF (Financial Action Task Force) at the G20 Summit defined regulatory rules that facilitated institutional funding and became a bitcoin price of $10,000. Booster," said the Fire Coin Research Institute.

Li Lianxuan, a senior researcher at the OK Group Research Department, told the reporter of the International Finance News that the current round of bitcoin breaks through the market is fundamentally affected by the expected easing of global liquidity, since the Fed hinted at interest rate cuts in early June. Is the stock market or gold ushered in a strong rise, Bitcoin as a high-risk, highly speculative asset, will naturally usher in rising; from the technical analysis level, from June 19th, BTC's daily K-line chart Sanlianyang, whether it is MACD, RSI or OBV indicators, means that the market will continue to strengthen, so Bitcoin broke through 10,000 on the evening of June 21 is basically a matter of course.

According to data provided by the Fire Coin Research Institute, BTC (Bitcoin) has risen by 163% in the past three months, ranking second; BCH (Bitcoin Cash) has increased by 187% in the past three months, ranking No. 1. LTC (Litecoin) has increased by 131% in the past three months, ETH (Ethernet) has increased by 124% in the past three months, and EOS (Pomelo Coin) has increased in the past three months. 102%.

2

Investment perspective

However, in the face of the recent continuous surge in bitcoin prices, Paul Markham, global equity portfolio manager at Newton Investment Management in the UK, still said: “For ordinary investors, Bitcoin’s The attraction is still too limited."

At the same time, the reporter also found in the interview that bitcoin investors were divided into two factions for the follow-up market.

Senior investor Liu Tao (pseudonym) frankly talked with reporters about the market, and now it is a bit "frightening".

"I have cleared all Bitcoin at more than 9,000 US dollars, and now only some of the other virtual currency is left in the account." Liu Tao said that the price is too high, and now let's wait and see.

And Ge Tian, ​​the investment director of a well-known blockchain investment institution, believes that Bitcoin still has a lot of room for growth.

"Looking back at history, bitcoin prices are not long over $10,000, which means that there aren't many tops in the top." Ge Tian said that the price of high bitcoin will be $50,000 in the later period.

Source: International Finance News

We will continue to update Blocking; if you have any questions or suggestions, please contact us!