Bitcoin is showing bullish patterns and is pushing the rest of the market up with it. However, it’s not the first time Bitcoin has been bullish in the last few weeks, and the question is if it will continue. According to some, the patterns are different this time and we can expect further growth.
Bitcoin has been struggling since the impressive bull run in late 2017 but has been on an upswing for the past few days.
It’s not the first time Bitcoin has shown bullish trends, but this time things are looking different.
After falling under $5,900 on Friday, Bitcoin has turned a prolonged bear trend into what is looking like a promising bull trend. By the end of Friday, Bitcoin had bounced 10 percent to $6,465 according to price data from CoinMarketCap.com.
Bitcoin kept stable in the $6,300’s over the weekend before initiating another run on Monday. In less than five hours, BTC jumped from $6,300 to $6,680 before leveling out around $6,600. By the looks of it, Bitcoin is now preparing to make another jump, and we are expecting to see more growth during the week.
What Initiated the Bull Run?
Lately, there has been a lot of talk about institutional money being pumped into the market, and this might be the first signs we see of that. While Bitcoin was surging, most of the market followed suit and so far all of the 15 largest cryptocurrencies based on market cap have been trading in the green since Friday. For example, EOS is up almost 30 percent since Friday, Ethereum is closing in on the $500 mark with a 17 percent increase in the past few days, and XRP has increased by 20 percent during the same time period.
How Much Will Bitcoin Grow in 2018?
It is impossible for anyone to know how far Bitcoin will grow during 2018 but you can always speculate. According to some, Bitcoin will break last year’s record prices and surge above $20,000, and others claim the cryptocurrency has the potential of reaching as far as $50,000.
All we know is that the crypto market is here to stay and Bitcoin has a lot of room to grow. Whether or not the current upswing will continue throughout the year is unclear, but by the looks of it, we could have a few pretty decent weeks in front of us.
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