Hello friends, How are you all there?
Today I will break down a very interesting fact with bitcoin and that is why exactly bitcoins price could and likely will rise sharply over the next couple of weeks.Now if that sounds too good to be true, I honestly think the Bitcoin is so far during the month of July making a pretty good recovery and in this post I'll be writing a couple of very good and reliable technical indicators and bullish signs that show us that Bitcoins price is returning to more of a bullish upswing. So after testing the 6000 dollars mark for a couple of weeks Bitcoin is back a big time. The people's currency gained close to 11% over the last 7 days heading to the 7000 dollar mark. Is this comeback sustainable? Well it's a little hard to say, there are barely and fundamentals to determine whether Bitcoin is undervalued or overvalued at these but there is still a couple of bullish signs for the digital currency worth noticing.So let's go ahead and discuss about the relative price changes between crypto currencies.Bitcoin over the last 7 days is up 10.56%. Etherium is up 10.36% and Ripple is up 8.12% which is really a good sign and that is really a good start to us being able to assume or being able to slightly predict that Bitcoin is soon to continue to rise and that is another piece of good news for another big reason. The Bitcoin rally has spread to the entire cryptocurrency chain.Only 5 cryptocurrencies out of top 100 dropped in the last 7 days while 95 advanced. So Bitcoin isn't the only cryptocurrency that is rising sharply so far this month and may continue to rise sharply in the near future. It is pulling alot of cryptocurrencies along with it and that price movement of all these cryptocurrencies is actually indicating that new money is flowing into the entire sector rather than two major two major cryptocurrencies only and that's the return of the bullish technical sign that fueled the big cryptocurrency rally that we saw the end of last year. So this is really a good news, not only is Bitcoin rising but many other cryptocurrencies are rising with it showing that it's not only the freak incident that one of these might be rising but rather that new money is coming into these cryptocurrencies and that is coming in quickly. Another bullish sign is that the Bitcoin behaves like the new gold again rallying in times of rising uncertainty on Wall Street. Once gold would rally as Wall Street faltered, that was a long time ago when the precious metal was the only hedge against uncertainty. It was the asset where investors could hold in times of political and economic termile. Now Bitcoin is assuming this role that gold once held Bitcoin for instant rallying majorly in the last five days as conventional gold and stocks went nowhere due to anxiety over the direction of interest rates and the prospect of a trade war between the United States and China.The digital currency gained 7.95% in the last 5 days. Meanwhile the SPDR gold trust were made flat over the same period and the S&P 500 gained a whooping 0.3% not even 1%, which is honestly pretty pitiful and it's worth noting that Bitcoin displayed a similar pattern last year.It rally does North Korean dictator Kim Jong-un was was launching missiles over Japan as China was trying to write its own navigation rules in the South China Sea. So that is obviously another great indicator of Bitcoin value. It's becoming a sort of safety deposit or safety holding that lot of people are turning to as the world becomes a more uncertain place and it's worth to note that Gold did not rally during these periods of uncertainty and that's why Bitcoin is often called the new gold.Another bullish sign is that Bitcoin is started to response positively to SEC efforts to fight fraud in the cryptocurrency markets. Apparently Bitcoin investors are getting government regulation right. It helps build trust among market participants while limiting the supply of competing coins and that is really a good sign for the future of digital currency.So having a bad cryptocurrencies news is late now.These are definitely some shining points that Bitcoin really a pretty attractive investment that honestly also do show that the price is soon to rise again shortly.So folks this was my opinion about the bitcoin. I want to get the opinions of all of you that what you are thinking.
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