Current market of Bitcoin is equivalent to 2016

Three years have passed since the rally more important in the history of the criptomoneda more popular. Currently, the market of Bitcoin features that assimilate to the period prior to the above-mentioned rise in 2017.

This affirms the important signature analysis Grayscale in your report Valuing Bitcoin recently published. The behavior of the price and the adoption on the part of major investors, in addition to the conditions likely to generalised inflation of the fiat money, it could take Bitcoin to a new bull run.

If one takes into account that this year the market of Bitcoin bottomed out, and now, just 4 months after, this criptomoneda came back to life, it can be concluded that there is a power that is about to blow up the price with some proportions comparable to those of the 2017.

Current market of Bitcoin is also post-Halving

Another important aspect to understand the qualities of the current market of Bitcoin is that it is the expectation of the respective burst post Halving. It must be remembered that after each Halving, the nature deflationary Bitcoin pushes to significant price increases.

In the first two Halving of Bitcoin, (2012 and 2016) the price of this criptomoneda shot. The period for that to happen was about a year after cropping. Now, three months have passed since the Halving and the feeling of still missing the rise that balances the current market of Bitcoin, is latent.

The Halving are events that happen in some criptomonedas, including Bitcoin, in which it is produced every 4 years. This event consists in cutting by half the bounty paid by the network Blockchain the miners for each block as valid processing.

Similarities to the behavior of 2016

For Grayscale, the current market conditions, of Bitcoin are extremely similar to those prior to the rally historic. “It is a structure very similar to that of the beginning of 2016 before the start of the bull run the following year”explains the report.

On the other hand, Grayscale considers that the actions of governments to try to keep afloat the economy in the conditions of a pandemic can be of benefit to Bitcoin. This is because investors seek to maintain the safety of your income and the main criptomoneda, in that sense, it functions as a refuge.

An excess of money circulating, it leads directly to inflation. This is one of the phenomena most feared by investors. The announcements of the U.s. Federal Reserve printing “infinite money”, they push every day to the investors at the adoption of Bitcoin, making the current market of the crypto between again to a stage of boom.

Investments institutional

Another of the impulses and perhaps the most important factor that has led analysts to consider Bitcoin to the doors of a bull run, is the mass adoption on the part of investors on Wall Street.

According to information recently compiled by CriptoTendencia, 90% of the transactions of Bitcoin in the united States, derived from movements of professional investors in the markets bag.

Another legendary investor, Paul Tudor Jones, was also positive about the qualities of Bitcoin. All of this does assume that the current market of Bitcoin, it certainly could be close to popping up, such as in the year 2017.

Data to be taken into consideration

• The price of Bitcoin, at the time of writing, is $ 11,600.
• In the year 2017, the price of Bitcoin reached the highest level in the history, to reach 20 thousand dollars per coin.
• The investment professionals on the part of traders of Wall Street are painting a possible outbreak in the value of the main criptomoneda.
• Investors in mining Bitcoin, they remain waiting for the rising post Halving of the price of this digital currency.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:

1 – professional Management of content by the authors of CriptoTendencia.
2 – external Sources: Forbes.com, CoinMarketCap.com and Grayscale.co.

Related news