Cryptocurrency

The rally of Bitcoin could last 1,000 days

The start of the year has been one of the best to remember for the Bitcoin. With a substantial increase in the price of criptoactivo, which positioned its price around the $ 10,000 once more. However, how long could last with this increase in the prices of the criptomercado? According to some opinions, the same could be maintained for up to 1,000 days.

The rally of Bitcoin

The price of Bitcoin is always one of the most important issues for the crypto world. Therefore, the higher the price of BTC more interest is generated around the cryptocurrencies and technology Blockchain. At the time that the price of the first criptoactivo of the world, usually points to the trend followed by the rest of the virtual currencies in their trading. Therefore, the bullish rally that has lived BTC during the first few weeks of the year, in general, has been good news for the crypto community. Promoting the good health of the markets, and optimism in the future of the cryptocurrencies in general. This increase in price has been driven by three factors simultaneously. The first of which is the closeness of the halving in the Blockchain of Bitcoin. A process that is expected to cause a significant increase in the price of the criptomoneda. And therefore generates an upward pressure from already, in preparation for that time. The second impulse is the terrible progress of the coronavirus, which threatens the stability of the global economy. What makes the big investors of the world, looking for assets reservation value where they can protect their capital of any collapse in the markets. Still the Bitcoin increasingly important for this type of strategies. Finally, of course, the same momentum of the rally in the price, leads to the traders of BTC to become increasingly cryptocurrencies. Trying not to fall off of a possible new increase in prices. But carrying on simultaneous to an increase in the price of the criptomoneda, by increasing their demand.

How long will the party?

However, in recent days, the downturn in the price of Bitcoin has done wonder to market analysts how sustainable is this bullish rally. And if the same may be maintained until the halving to give a new impetus in the month of may. Graph of Bitcoin in the last hours, at which time, analyst James Todaro believes that not only is it possible to keep up then. But it is likely that the bullish trend can stay for at least 1,000 days. According to the volume weighted average price of the crypto market during these early months of 2020. According to Todaro, the volume weighted average price of Bitcoin has been 9.120 dollars. While during the bullish rally of 2017, even when the criptomoneda was about to touch the 20,000 dollars, this average price was only 6.125 dollars. So, Todaro would conclude that the bullish rally of 2020 has the potential to be much more long and deep as that of 2017. An assumption to which there are arguments against, because the see the weighted price of Bitcoin during 2018, the same was also superior to 2017, without for all that there is any bullish rally. Being, however, an interesting topic of discussion, the analysis of Todaro, and it is our Fact of the Day today here in CriptoTendencia. The following two tabs change content below. Student of International Studies, interested in issues of economy and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and the cryptocurrencies in particular.

Did you like the content? Share it