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In the latest turn of events, the past few days have seen Bitcoin prices in USD rallying above 7k dollars mark, and who knows by the time you are reading this article, it has already surpassed 10k mark!
But as of 12th May 2019, the Bitcoin prices in USD today right now stands at $7350 which sees it rising from 5k mark to above 7k mark in a matter of few days, and especially the rally from 6k to 7k was tremendous.
But what happened behind the stage that the Bitcoin price surged to such a level? Let’s analyze those reasons as to why Bitcoin prices in USD suddenly risen:
- 1 Growing sentiments among people for Bitcoin Prices in USD Latest Rise
- 2 Improvement in the Technical Data for Bitcoin Prices in USD Latest Rise
- 3 Biggest events happening next week for Bitcoin Prices in USD Latest Rise
- 4 Fidelity buying and selling Bitcoin for Bitcoin Prices in USD Latest Rise
- 5 Pattern of 4 year duration Cycle for Bitcoin Prices in USD Latest Rise
- 6 Slow Upward movement will continue for Bitcoin Prices in USD Latest Rise
- 7 Elon Musk’s interest in the Cryptocurrencies for Bitcoin Prices in USD Latest Rise
The reasons of Bitcoin prices in USD stable rise to such a high level and in fact the highest in the year 2019, has been numerous, among which the growing sentiments among the people towards the Bitcoin has been a significant factor!
Among several factors for Bitcoin prices in USD rising to such a level, the Improvement in the Technical Data for the Bitcoin and Altcoins has been a contributing factor in the significant rise in the Bitcoin prices!
Among the several reasons for the significant rise of Bitcoin prices in USD, the Bitcoin supports and analysts who never left Bitcoin alone during the hard times of 2018!, where it nosedived to 3k mark, are very optimistic and since the major events in regard to the Bitcoin is next week, the Bitcoin prices have gained a new lease of life. The events ‘Blockchain Week NYC and CoinDesk’s Consensus 2019 event’, which is scheduled to start from May 13th i.e. from tomorrow, is a fresh air to the Bitcoin! Remember not to forget that these events will witness several prominent names like Square’s Jack Dorsey, chairman of the U.S. Securities Exchange Commission, Jay Clayton, and U.S. presidential hopeful, Andrew Yang and many others!
Another reason for sudden increase in Bitcoin prices in USD may be the Fidelity buying and selling Bitcoin coming weeks, which may be (perhaps!), a contributing factor to the upwards rise in the Bitcoin prices! Check out a tweet for it!
Fidelity will begin helping institutional clients buy and sell Bitcoin in the coming weeks.
Eventually every financial services company will do this.
If Bitcoin achieved $100+ billion market cap without institutional interest, imagine what happens when the smart money joins.
— Pomp 🌪 (@APompliano) May 6, 2019
Also, an analysis states that the Bitcoin follows a 4 year cycle, and the recent pattern signifies the pattern of 2011-2015 and 2015-2019 and thus the opinionates are of the views that the Bitcoin prices may very soon see new Bitcoin prices all time high and who knows, this might be the start of the New ATH!
Check out some of the latest tweets from the reputed names involved in the Bitcoin analysis
If Bitcoin can hold the $6200 level for the next 24-48 hours, then the bear market is officially over and I’m going to become a raging bull!
— Vinny Lingham (@VinnyLingham) May 10, 2019
Another opinion states that the Bitcoin has seen enough of the whales, and will continue to move upwards with the Bitcoin prices rising to ATH by the year 2020 end or by March 2021, which is around 1.5 years away!
Elon Musk (TechnoMusk have no such relationship with him!), one of the biggest names in the tech world, has recently shown interest in the Cryptocurrencies! Don’t you believe in it!
Read this tweet!
— Elon Musk (@elonmusk) April 30, 2019
Whatever may be the actual reason for the rise of the Bitcoin prices in USD, the good news is that the Bitcoin is back again!