Will Bitcoin bring back the 2017 bullish scenario?

Will Bitcoin bring back the 2017 bullish scenario?

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Answer Will Bitcoin bring back the 2017 bullish scenario?

Earlier on Wednesday, October 6, Bitcoin surged as high as $55,000 to reach a four-month high amid a strong buildup of whales.

Since then, the price of Bitcoin has been trading around $54,000.

Analysts expect bitcoin to reach $100,000 this year.

Will Bitcoin repeat the similar price hike of Q4 2017 again?

Currently, all hopes are on the possible approval of the Bitcoin ETF this month.

Currently existing rumors indicate that the US Securities and Exchange Commission may approve the first Bitcoin ETF in the USA, later this month.

There was a similar case in 2017!

On October 31, 2017, the Chicago Mercantile Exchange (CME) Group announced the launch of Bitcoin futures contracts in the market.

Read:Is investing directly in bitcoin better than investing in bitcoin futures ETFs?

“CME Bitcoin Futures” was launched on December 18, 2017, with the price of Bitcoin hitting an all-time high at that time.

Described at the time as a moment of buying rumors, selling news, cryptocurrency analysts such as Lark Davis note he wouldn’t be shocked to see a similar kind of situation unfold if the Bitcoin ETF gets approval.

And of course, we will not forget that institutional activity in Bitcoin is much higher than it was in 2017.

JPMorgan: Institutions prefer bitcoin to gold

in a report From JPMorgan Accessed by Markets Insider, Bitcoin’s most recent price rally in October was due to institutional participation.

JPMorgan analysts said institutional investors’ appetite has grown, after the Federal Reserve and Securities and Exchange Commission confirmed it would not ban digital assets.

The banking giant said that the previous trend of money moving out of gold and into bitcoin has resurfaced.

The report added:

It looks like institutional investors are coming back to bitcoin and may see it as a better hedge than inflation and gold.

The three main reasons behind the recent bitcoin price rally are:

Read:G7 countries agree to issue guidelines for CBDCs
  • Recent assurances by US policy makers that there is no intention of following China’s steps towards banning the use or mining of cryptocurrencies.

  • The recent rise of the Lightning Network and Layer 2 payments solutions helped El Salvador adopt Bitcoin.

    Read:Bitcoin and Dogecoin Lead the Market Higher After Elon Musk’s Twitter Acquisition
  • Inflation fears are re-emerging among new investors and interest in using Bitcoin as an inflation hedge.

Since the beginning of 2021, more than $10 billion has been moved from gold exchange-traded funds.

On the other hand, more than $20 billion has entered bitcoin funds.

JPMorgan said:

The increase in bitcoin’s share is a healthy development as it is likely to reflect more institutional involvement than smaller cryptocurrencies.

Read also:

Tether responds to Bloomberg’s accusations that it is old news with questionable sources

Mike Novogratz: Bitcoin Will Overtake Gold In Market Capitalization

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