Price of $BTC Hovers at $7,950 USD as Analyst Asserts: “Next Bitcoin Bull Run will be Even Wilder”
- One of the most enthusiastic crypto trading nations, South Korea sees a renewed wave of interest in BTC
- An intermediate trend is all good, JP Morgan acknowledges Bitcoin’s intrinsic value
Since the top of the previous bull market, the market has grown immensely. Bitcoin is still very much struggling around $8,000 after seeing CME Bitcoin futures trading volume reaching the highest level ever and volatility climbing to local highs.
At the time of writing, BTC/USD has been trading at $7,876 while being up 112 percent till date in 2019. Trade and investor, Bob Loukas says:
“In general, an intermediate trend is all good while price remains above a rising 10-wma.”
Another look… watching out for volume+breach of 8350. Probably still range bound. Low timeframe flag/wedge breakup was pretty significant here though. pic.twitter.com/IBQTWms9sP
— Ledger Status (@ledgerstatus) May 20, 2019
Bull market might or might not be in the making right now but as we reported crypto winter has definitely come to an end and various factors are working in its favor. Just yesterday, we saw Bitcoin rising up despite SEC delaying the VanEck Bitcoin ETF.
All these events just like in early May we saw Binance losing 7000 BTC and New York Attorney General invitation into Bitfinex and Tether regarding fraud and manipulation, are not affecting the price is a bullish sign for the market.
In fact, despite being investigated into, Bitfinex’s exchange token LEO started trading from May 20th. The exchange raised $1 billion in its token sale, which has been the third largest sales ever after EOS and Telegram.
The token has been made available against five trading pairs viz. XBT, USD, USDT, ETH, and EOS.
LEO is among tokens that are part of the latest trend, Initial Exchange Offering (IEO) after ICOs have faded out.
— Mati Greenspan (@MatiGreenspan) May 21, 2019
Moreover, as Mati Greenspan, a senior analyst at eToro points out, South Korea is dominating the market with the South Korean exchange Bithumb seeing the highest levels of fiat to crypto volume, per CryptoCompare.
“SK also just reported their highest volumes ever LocalBitcoins. It's not a lot. Just about $165k. Still, it's a good indication that the wave is growing again in one of the most enthusiastic crypto trading nations,” said Greenspan.
In 2017, we saw Bitcoin going to its all-time high at $20,000 but this time the price will go even crazier, says crypto analyst Misir Mahmudov. Mahmudov shares how since the top of the previous bull market, Bitcoin dominance, hash rate, and Lightning Network has grown along with the growing interest from institutions.
Since top of the previous bull market:
– Bitcoin’s hash rate grew by 240%
– LN grew from 0 to 1000 BTC
– Bitcoin’s dominance grew from 34% to 57%
– Cash App started selling BTC
– Fidelity bitcoin custody & trading
– Multisig (Unchained, Casa)
Next bull run will be even wilder.
— Misir Mahmudov (@misir_mahmudov) May 20, 2019
Recently, we also saw how JP Morgan strategists shared that the marginal cost of mining Bitcoin is now $4,300.
“This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices together with some increase in intrinsic values,” wrote the strategists.
JPMorgan analysis of Bitcoin:
2017: “I’d fire trader ‘in a second’ for trading Bitcoin” (Jamie Dimon)
2018: Bitcoin has no intrinsic value
2019 (present): Bitcoin’s intrinsic value is $4k
At this rate…
2020: Bitcoin’s intrinsic value is $100k
2021: It could be much higher pic.twitter.com/uSa0T2ilET
— James Todaro (@JamesTodaroMD) May 21, 2019
It has been further stated that although this gap could close through the increase in production cost as mining activity but in their “bias” it is most likely to close via the market value of Bitcoin going down.
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Bitcoin’s price is $58,138.88 BTC/USD exchange rate today. The real-time BTC market cap of $1.09 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $26.72 Billion and live coin value change of BTC -1.57 in the last 24 hours.
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