Here’re the Factors That Could Create a New Bull Run in Bitcoin’s Price
The cryptocurrency market has lost more than $40 billion in the last seven days alone amid the new bearish pattern. Bitcoin’s price plummeted below the $5,000 mark, while some altcoins have lost more than 30% of value since the start of last week.
Bitcoin Cash is among the biggest loser of the latest selloff in the crypto market. BCH coin has lost more than half of its value in the past seven days. Ethereum, the third largest coin, has lost significant value in the last couple of days. Ether is currently trading at around $140, down 30% in the previous seven days. Ripple, on the other hand, outperformed market trends. XRP coin lost only 2% of its value in seven days despite a strong bearish pattern.
Some of the analysts, however, are of the opinion that crypto market is likely to hit bottom during the current bear market – which would create buying opportunities for investors and sets the tone for a solid bullish pattern.
Here are the Factors that Could Create a New Bull Run in Bitcoin’s Price
Below are the three key factors that could help crypto coins to create a big rally in the following days:
- Adoption from Retail Investors: The acceptance of Bitcoin from retail investors was a big driver of last year’s bull-run. Thus, the return of retail investors would help in improving the overall volume of crypto markets.
- Adoption from North America and Asia markets: North America and Asia are the biggest markets for cryptocurrencies. Therefore, the higher use of Bitcoin as a medium of exchange in these regions could spark a rally in prices.
- The Entrance of Institutional Investors: The crypto market has been waiting for institutional investments over the years. The cash inflow from rich people and institutional investors could significantly improve the volume of cryptocurrency market – which will aid in trigging a new rally.
The market is currently in a bearish cycle, and the majority of coins are trading at the lowest level in the past 13-months. It’s difficult to predict where the crypto market is likely to move in the future. However, the factors that are listed above could turn out to be the key drivers for the fresh bull-run in crypto markets.
What factors in your opinion could help in triggering the bullish pattern? Express your thoughts in the comment section below.