It looks to us like Bitcoin has turned a bit of a corner and sentiment might be more positive for the rest of the year.
Factors that we see that might create some upside momentum:
There are a lot of potential conflict points in the world at the moment and all of these have the potential to put a fire under the Bitcoin price.
We have the USA / China trade war: The ongoing trade tensions are creating uncertainty in markets and it is interesting that the current move in Bitcoin coincided with a weakening of the Chinese currency.
Tension in the Middle East: – Tension between the USA and Iran has been flaring up and we believe that there might have been some Bitcoin buying in that part of the world. Also, take note that Localbitcoins have banned all transactions in Iran.
Political Uncertainty in Argentina: The Argentinian currency just made an all time low against Bitcoin and as election uncertainty continues so should Bitcoin demand. We have seen increased demand in Venezuela as well.
President Donald Trump: -There is a major uncertainty factor growing in the USA with increased calls from Democrats for the impeachment of Donald Trump after a statement from Robert Mueller – Full story: – What the Mueller statement really meant
Increased adoption by business and the investment community
Bitpay CEO has mentioned in an article posted by Cointelegraph that he believes big business will drive Bitcoin prices as more and more companies start to accept the currency: – BitPay CEO Believes Big Business Will Push Bitcoin’s Price Even Higher
Institutional investment managers have been gearing up to create Bitcoin investment products for their clients and the long awaited Bitcoin ETF will eventually be approved by the SEC.
There have also been reports that big buyers accumulated Bitcoin during the Crypto Winter. – Major Bitcoin Accumulation Was Underway by Big Money During Crypto Winter, Analysts Say
All of these factors and more contribute to a changing sentiment towards Bitcoin which bodes well for prices continuing upwards during the rest of the year.
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