Bitcoin has made a strong comeback after plummeting down from lows of less than the US $10,000 to now sitting comfortably above the $12,000 barrier. Bitcoin’s comeback has increased the already big hype around the currency’s growth figures which can go up exponentially at any time. Bitcoin’s growth trends this year have displayed a strong comeback after the massive drop at the end of last year which carried the bad omen till the start of 2019. While this growth has certainly been impressive, is it enough to take it to new heights?
Bitcoin’s Growth Data and Predictions
At the time of writing this article, the price of bitcoin is $12,629 and growing fast. The growth of the price has been a pickup from the last two days which has seen an increase in price. Also, the price of BTC has officially crossed its upper Vera band limit. This indicates a big spike up in price in the future. Bitcoin has followed a trend of breaching its yearly high once every month. This trend was started at mid-February and Bitcoin’s price hasn’t stopped growing. It was its highest price in mid-June, where it was being traded for $13,851 a piece.
The overall growth of Bitcoin has been above 250% this year. Following the trend of breaching yearly highs every month, the Chief Strategist of the Oanda Crop, Edward Moya has said: “Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down.” Furthermore, on identifying the interest of the mainstream market in crypto space, Edward said: “The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears Bitcoin has overcome many of its initial growing pains.”
The mainstream interest for cryptocurrency has created by Bitcoin’s growth and also fuelled the price of Bitcoin. Also, mainstream platforms from different sectors coming into the crypto space like Facebook and JPMorgan Chase & Co. have increased the interest of it in the minds of people. Bitcoin’s price going down from this point onward will be absolutely absurd as more and more investors are coming into the market. Now, the only thing is left is to look at Bitcoin’s rally that is yet to come.