According to Bloomberg News, Bitcoin prices rose by 4% on April 20th and will soon rise for the first time in two consecutive weeks this year.
Bloomberg pointed out that the recent gains made Bitcoin’s gains closer to 29% in two weeks. Other cryptocurrencies have also risen in price. The price of Ethereum rose by 7.5%, and Litecoin rose by 4%.
As indicators of market sentiment, the current buy/sell signal from Bitcoin shows that 90% of traders are buying Bitcoin and only 10% of traders are selling. This is the first time since March 2017.
Bitcoin prices fell by nearly 50% in the first quarter of 2018. Bloomberg believes that the slight rebound in the last two weeks has somewhat eased the pain caused by the sharp drop in prices in the first quarter. At the end of 2017, Bitcoin prices hit a record high of 20,000 U.S. dollars.
In April this year, traditional Wall Street investors are also involved in the cryptocurrency. This shows that expectations for more institutional funds and talent inflows are having a positive impact on the recent market. As the market matures, important institutional funds will also flow into the cryptocurrency market.
This week, Dan Morehead, Pantera Capital’s CEO, who focuses on the Blockchain hedge fund, said that even if the SEC is investigating some of the famous ICO scams, the market is still rising rather than falling. This shows that “we have seen the market’s negative impact on regulatory response.”
Bloomberg’s view is consistent with other Bitcoin analysts such as Tom Lee. The latter recently predicted that Bitcoin may reach 25,000 US dollars by the end of the year. Tim Draper, a venture capitalist and Bitcoin watcher, said last week: “I estimate Bitcoin will reach $250,000 by 2022.”
Author: Marko Vidrih @cryptomarks