For the first time since March 2017, purchase orders now account for over 92 percent of market activity. After a market recovery of over $120 billion, the massive increase in buy orders announces an imminent bull market that may even exceed the monstrous value of the end of 2017.
Data from TurtleBC show that the crypto market – purchase share currently stands at 92.86 percent In December 2017, the high was 88 percent.
Bitcoin wins $1,000 in one week
With so many buy orders exerting buying pressure on the crypto currency market, a significant upward trend is very likely. The existence of buy orders is not the only indicator pointing to a massive increase in the near future – as Bitcoin has shown a meteoric jump of $1,000 in the last three days, investors are entering to benefit from the psychological barrier of $10,000.
See also: 22.04.2018 Technical Market Analysis of Bitcoin, Ethereum and Bitcoin Cash
Analysts expect a strong increase in bitcoin values. Especially Fundstrat co-founder and head of research Thomas Lee seems to be right with his statement. Tom Lee last week in an interview with the CNBC:
„WE ARE STILL PRETTY CONFIDENT THAT BITCOIN IS A BIG RISK REWARD AND WE THINK IT COULD REACH $25,000 BY THE END OF THE YEAR….. IT’S OVERDUE. BITCOIN WAS INCREDIBLY OVERSOLD.“
Not all forecasts are bullish
While market sentiment is overwhelmingly positive, not all forecasts are bullish. One of last month’s predictions comes from Harvard economist Kenneth Rogoff, who told CNBC in an interview that Bitcoin is likely to trade at $100 per token by 2028:
„I THINK BITCOIN WILL BE WORTH A TINY FRACTION OF WHAT IT IS NOW… I’D CONSIDER $100 A LOT MORE LIKELY THAN $100,000 IN 10 YEARS.“
Rogoff, the former chief economist of the International Monetary Fund, seems unaware of the benefits of BTC or the implementation of the Lightning Network and explains that „if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction carrier are very small.
The immense capital currently being invested in the block chain industry makes it highly unlikely that Bitcoin will fall from favor in the foreseeable future. Recent employment statistics show that the number of blockchain-based jobs has doubled in the last three months.
The Blockchain is here to stay
Amazon Web Services launches Instant Blockchain Templates for Ethereum and Hyperledger. As the oldest, most valuable and most liquid crypto asset, Bitcoin is considered the „gold standard“ of the blockchain and can be exchanged for virtually any other old coin on the market.
There are thousands of companies that accept Bitcoin directly as a means of payment, and with LocalBitcoin it has never been easier to convert Bitcoin directly into paper money. Unfortunately not allowed in Germany by the authorities.
Bitcoin, Altcoin and Blockchain technology remains. Interestingly, the Delaware Senate recently passed a law allowing the Blockchain to be used to keep business registers.
After the crypto currency buying rates have reached an all-time high and the tax season is finally over, we are curious how the upward trend will develop.