The substantial increase in the buy orders percentage is placing a lot of buying pressure on the cryptocurrency market in general. To put it in perspective, the last time the number was so high was back in March 2017. At that time, the price of one bitcoin was a little bit more than $1,000, and we all know how the year ended, achieving 20x increases in just a few months.
However, another prominent factor needs to be accounted for as a shaping influence on the incoming bull market – big players. The last couple of months saw names such as George Soros, Mike Novogratz, and even the Rockefeller family joining the cryptocurrency field. Going further, increased possibilities of institutional investments are also prompting a Bitcoin price surge which could be higher than the one we observed last year when factors of such kind were simply lacking.
Having already shattered the $9,000 barrier, the cryptocurrency is currently headed towards hurdling another important psychological fence – the $10,000 price point. Should it surge through it, chances of it growing in value will surely increase.
Do you think a Bitcoin price “explosion” will happen and surpass the heights it reached in December 2017?
It will happen eventually. But probably not in this year, in my opinion.
The markets are still considered to be bearish even though this pump has taken the entire altcoin sector to heights that were only reached back in December last year. I don't think that a full on bull market is going to come any time soon, nor is a "price explosion" if that is referring to something as bullish as last year's pumps.
It's much more likely that only 2-3 years later we'll see the real bull market come together, since that's when the halving for BTC is happening. And when BTC gets up there in price, alts historically have also skyrocketed. However as I stated, I don't see anything close to the scale of 2017's pumps in this year of 2018.
