Another Analyst Predicts Bitcoin’s Upcoming Market Spike
Most importantly, increasing interest from Wall Street is being viewed as a key contributor to bitcoin’s projected upward spike.
Why Bitcoin Is Set To Hit Another High
Considering a number of factors in the market, it is only a matter of time, until bitcoin’s value will move in an upward trajectory. According to eToro senior market expert, Mati Greenspan, stability in bitcoin’s trading cap and increased validation from key players will soon propel the crypto to reclaim its former glory.
In an opinion article, Greenspan said that all signs indicate that bitcoin will soon break the current resistance. He opines that the crypto has reached its lows and is awaiting a major spike. According to the expert, the current trend-line might hold for a number of days. In his view, this is not a bad development.
He highlighted a number of underground signs showing that bitcoin might spike anytime. This is not the first time Greenspan has made a prediction about bitcoin. He came up with bitcoin’s upcoming classic breakout pattern. He named three drivers for this upcoming spike. He cited increasing transactions, stable trading capacity and rising crypto backed activities on Wall Street.
Greenspan said that data from blockchain showed that we have had an immense rise in bitcoin transactions per minute. Compared to early this year, the rate has been steadily rising. Six months ago, the rate moved under the 2.0TPS, but at the moment, it is standing at 2.78. These figures represent a 40% increase. However, this figure is still below the 4.8 TPS witnessed towards the end of last year. On the flip side, the current growth has been happening in a stabilized environment. According to Greenspan, all of these developments indicate that bitcoin is set for a major rally.
As Greenspan made his prediction, daily crypto trading has dropped in volumes for most parts of the year. At the moment we have a flat rate of $10 billion in recent months. According to Greenspan, these figures are high considering market conditions.
Crypto related trading on Wall Street is also increasing. A number of institutions are joining the sector. Greenspan holds the view that all these activities show that the crypto sector is safe in both the middle and long term.