Bitcoin Bull Market Or Bear Market: Can BTC Explode To Close Out 2018?
Experts Confident In A Bitcoin Bullish Market
Following a recently concluded Bitcoin rally that propelled the cryptocurrency's value above the $7,000 mark, Bitcoin's enthusiasts have predicted a bullish market for the digital currency. Lately, Bitcoin has thrived against the US dollar, peaking at $7040. The increase in BTC's value is attributed to the weakening of the US dollar. Reportedly, the soaring of the pioneering virtual currency was also influenced by the perceived reduction of the risks in the crypto space.
Nonetheless, the most significant factor behind the increase in the value of Bitcoin has been its community's interest in the SEC's impending decision over whether to permit or bar the introduction of Bitcoin ETFs. Many crypto followers believe that the establishment of Bitcoin ETFs would positively impact the price of BTC. The SEC has influenced the value of Bitcoin in the past, with its stringent approach being blamed for the plummeting of Bitcoin's price in 2018. As compared to its $20,000 price in December 2017, Bitcoin is currently lower by an enormous 60%. However, the coin's advocates still maintain that the approval of ETFs would increase the value above the $10,000 mark.
According to the proponents of Bitcoin, the approvals are being stalled because of concerns over hacking and the high prevalence of fraud amongst the lesser altcoin projects. If these problems are addressed, as per the supporters, the value of Bitcoin would grow substantially. Overall, prominent Bitcoin hobbyists are optimistic that the currency will experience a bullish market on the last quarter of 2018. Some have even projected that the value may reach $25,000.
The bullish market is associated with the correlation between the nascent market and Bitcoin. After peaking in the early stages of the year, both sectors have declined considerably. Therefore, experts predict that the price of BTC will continue increasing until the emergent markets pick up again.