After weeks of a weak run in the crypto markets, bitcoin today hit prices over $10,000. This week issued BTC prices on an upward trend starting at $9,200, going to $9,600 on Thursday, and trading above $102, 219 at the time of writing.
Analysts have conflicting opinions concerning the matter since the first drop in bitcoin prices. Some are for the idea that the coin will lose its dominance in the market, paving the way for altcoins. Others have been enthusiastic about the currency, encouraging more people to buy and hold the coin waiting for a bullish run.
In my opinion, there is a promising future of a bull situation instead of bearish. Furthermore, a fakeout is out of the equation considering bitcoin’s hold above $9,600 for the past few days.
More Buyers, Higher BTC Prices
The head analyst of Blockfyre on Thursday mentioned that bitcoin had seen the first close above a 3-year downtrend since the launch of CME futures. He also discredits any indications of a bearish trend and the beginning of a bull run.
Even during bitcoin’s low times, more investors and people have been purchasing the coin waiting for the price surge. The support is a good reason why bitcoin has managed against price declines over the past few months.
In June, ownership of the top coin increased, whereby over 3 million addresses held over 0.1 bitcoin while over 800,000 addresses had over 1BTC higher by 1.3% and 0.4% than May, respectively. This is an excellent indicator that bitcoin still has a lot of popularity among crypto holders even at low times.
Furthermore, according to a twitter poll held a few weeks ago by Peter Schiff, a vast percentage of bitcoin holders were ready to stick with the coin through its hard times. The survey suggested that most would rather hold the currency instead of shorting it, however long it took.
More Purchasing Drivers
These are not the only indicators of why bitcoin will continue to rise. In 2019, bitcoin prices went as low as $4,000 before spiking up to $13,000. This could be the same situation from the $8,000 low to up to 14,000 or more as per some analysts.
On Wednesday, the OCC reported that any federally approved banks would have the opportunity to take custody of bitcoin. The option may prove an attraction to traditional investors who prefer dealing with banks considering the lack of custody requirements in some wallets.
Brian Brooks, the Acting Chief of OCC, stated that technological increments in the financial market raise the need for banks. They can leverage technology and other innovations to bring improved traditional services to users.
Binance’s U.S. Chief Catherine Coley also mentioned that OCC’s move might prove to be a mainstream adoption driver for bitcoin in the U.S.