3 reasons you should buy Bitcoin during this bull run

Bitcoin has been riding on a high in the past week, surpassing the $30,000 mark for the first time in a long while. This is an indication that the cryptocurrency market is experiencing a bullish trend, at least for the short term.

Apart from this latest rally, Bitcoin has also regained 50% market dominance, per data from Coinmarketcap. These favourable trends have put it in the best position to lead the general market into an upward trajectory. 

Backed by technical indicators as well as positive developments, the most popular digital asset has been projected for an upward momentum from here. This makes it a great time for traders and investors to buy the largest cryptocurrency by market cap, at a discounted rate. 

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Although the exact range of the expected Bitcoin surge can not be ascertained, it is very likely that it will bring substantial returns for investors who get in early. With this in view, we have come up with a list of 3 reasons why you should buy Bitcoin now.

Growing institutional interest 

The current surge in Bitcoin’s value can largely be attributed to the increasing interest from major financial institutions. Notably, BlackRock, the world’s largest investment management company, recently applied to register a Bitcoin spot exchange-traded fund (ETF).

Additionally, last week witnessed the launch of a digital asset trading platform by EDX Markets, a crypto exchange supported by Wall Street heavyweights like Charles Schwab, Fidelity Digital Assets, and Citadel. 

These initiatives have not only accelerated the enthusiasm of crypto enthusiasts, but they have also instilled investor confidence in the crypto space. This makes it a great time to buy bitcoin.

Technical analysis point to upward movement 

Prominent crypto experts have demonstrated that Bitcoin is headed only upwards, going by charts and history. Some of them include popular crypto trader and analyst Michael van de Poppe that recently predicted a rally in his latest crypto market analysis. 

A popular technical indicator used in cryptocurrency trading is the moving average convergence divergence (MACD). The MACD measures the relationship between two moving averages of Bitcoin’s price. When the MACD line crosses above the signal line, it is considered a bullish signal, indicating that the price may rise.

Another indicator is the relative strength index (RSI), which measures the speed and change of price movements. When the RSI is below a certain threshold, typically around 30, it suggests that the digital asset may be oversold and due for a price increase.

Based on these technical indicators analysed by Michael van de Poppe, Bitcoin appears to be poised for a price increase.

More good news coming 

Recall that Bitcoin’s price recently soared to a one-year high of over $31,000, largely due to the earlier mentioned ETF hype, there is more promising news for Bitcoin enthusiasts.

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The United States SEC has approved the first leveraged Bitcoin futures ETF – the Volatility Shares 2x Bitcoin Strategy ETF, which will launch on the Chicago Board Options BZX this Tuesday.

Also, there appears to be a shift in various countries’ Securities and Exchanges Commission’s previous opposition to cryptocurrency which provides further hope for a more accommodating regulatory environment. 

One outcome is certain from this positive momentum – Bitcoin to the moon. 

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