Bitcoin (BTC) Rally: 5 Reasons Prices Go Up This Week
BTC market prices continued to march upward on Monday, boosted by a series of factors that led to predictions for new records this month.
Bitcoin (BTC) kept rising on Monday, boosted by the drive to achieve a “golden cross”, with expectations of a rally to new yearly heights. Here are the latest factors affecting the BTC price spike:
China Trade Wars: The trade wars between the US and China are seen as a factor driving buyers into BTC as a way to hedge risk. Additionally, a shakier exchange rate for the Chinese Yuan has led to aims to acquire more BTC. Trading has also become more active in China, supporting the proliferation of Tether (USDT). With this critical volume ensured by Chinese traders, any crisis or shakedown have the potential to benefit BTC prices.
More New Miners: Mining has remained near its peak values for days, and has picked up significantly. Estimates see many new miners joining in lately, in addition to the powerful hashrate of the leading pools and farms. Miners joining ahead of the reward halving may also have the interest to hold onto the reward coins. Mining is also a sign of confidence for BTC, possibly going beyond the short-term gains. At prices above $11,000, mining is also profitable in the short term.
Charts Going for Golden Cross: BTC prices are about to chart a “golden cross”, of the 50/200 day moving average, seen as a sign of confidence. The bullish chart may also trigger bot trading and concerted activity, adding to the upward drive. BTC has proven it can move as much as $1,600 in a single day, making new yearly highs a distinct possibility.
Bakkt Getting Closer to Physical Futures Launch: The Bakkt exchange is giving signs that the launch of its physical delivery Bitcoin futures may arrive sooner rather than later. The launch was expected “in the very near future”, stated Intercontinental Exchange (ICE) CEO Jeffrey Sprecher during the quarterly earnings call.
Altcoins Fail to Rally: Altcoins are still highly stagnant, and BTC is the only coin moving actively enough. BTC is also regaining mainstream interest, as seen in the latest Square, Inc. quarterly report. The Cash App led to significant retail purchases of BTC, to the tune of $125 million in the past quarter. At the same time, altcoins are slowing down, and even Ethereum (ETH) and other leading assets such as Litecoin (LTC) remain less liquid.
BTC prices remain unpredictable, and the recent rally can be erased just as easily, pressured by “whales”. However, there are reasonable expectations that enough traders are available to boost the price, with predictions of a new high for 2019 at around $15,000.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.