Market Analysis

Bitcoin eyes $10K. Why BTC’s price is still rising and where it’s headed

Bitcoin eyes $10K as the coin is still taking a rather slow but steady climb towards its all-time high of $20,000. The coin has in a matter of weeks, risen more than 100% and several factors can be attributed to the continued rise of Bitcoin’s price.

It is interesting to note that Bitcoin is currently following a similar trend we saw back in 2017. Looking at both charts, they follow a similar pattern and between January 2017 and May 2017, Bitcoin saw a 130% increase in price. Given that we are in June of 2019, Bitcoin is currently sitting at about 140% increase in price.

So why is BTC’s price still rising?

Facebook’s Libra Coin:

In as much as many within the cryptocurrency space dislike Libra, it is one of the reasons Bitcoin is rising and rumours of Facebook’s cryptocurrency has seen Bitcoin’s price enjoy in the weeks leading to Facebook’s official announcement two days ago.

It is important to note that Facebook, Whatsapp and Instagram will be using Calibra and this has been bringing in the much-needed confidence and institutional awareness into the crypto space.

BAKKT and Bitcoin ETFs:

Another reason why Bitcoin eyes $10K is the hope of a possible approval of BAKKT’ and Bitcoin ETF’s. ETF’s have been very much anticipated and awaited as this is expected to bring in institutional investors into Bitcoin.

Given Facebook’s intentions to get into cryptocurrencies, having these institutions invest in Bitcoin will is no longer something to doubt.

Bitcoin Halving:

Bitcoin halving has always seen it’s price rise in the months and weeks leading to the event. Less than a year to go, Bitcoin’s mining reward will drop from 12.5 Bitcoins to 6.25 Bitcoins.

This is generally being seen as a good thing as it means there will be less supply of BTC hence a push in price.

Bitcoin eyes $10K

According to data from Coinmarket Cap, Bitcoin is currently trading $9,600 after the coin broke the $9,000 resistance level and is still showing signs of an upward trend.

This price rise is being heavily accompanied by over $9 billion in trading volume over the past 24 hours.

If Bitcoin continuous on the same trajectory, we can expect to see the coin hit $10,000 within the coming days but a brief correction in price is to be expected.

Where do you see Bitcoin’s price by the end of the day?

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