Bitcoin enthusiasts are hoping that the worst is over and the only way now for the coin is up. Many times, before, this has not been the case. However, the past couple of days have seen the coin show indications that point to an upcoming bull run.
On top of the market starting the year on a positive, technical analysis from the past couple of days has shown there is great buying pressure and this could see prices leap upwards. Bloomberg earlier reported that bitcoin is in its longest “buying streak” in 6 months, creating the perfect environment for a dramatic surge as demand mounts.
The so-called GTI Vera Convergence Divergence indicator has now investors interested in bitcoin at least in the short term as previous indications have seen bitcoin soar for at least a month.
This indication coupled with the long-awaited Bakkt bitcoin futures, which is expected to launch early in the year, is expected to boost prices and provide enough momentum for the coin to soar high.
At the time of press, bitcoin is still struggling to break away from the $3800-$3900 positions. Although the coin is still struggling, with gains being followed by price corrections, there are several reasons to be optimistic of the coin over the coming days.
Ethereum ETH Price Analysis And Upcoming Hard ForkEthereum continues to trade high and dominate the market although its momentum has slowed down today. In less than a month, the coin has soared by over 80%, becoming the best performer in the top-ranking cryptocurrencies. Today, in amidst a bearish market,
Ethereum is recording marginal gains as it slowly approaches the $155 position.
According to experts, the recent price surge from the coin has been in response to the upcoming Constantinople hard fork. Around January 15, Ethereum is expected to undergo a hard fork that will result in the creation of a new blockchain. The new blockchain is expected to adopt the Ethereum Improvement Proposals (EIPs), with five already ready for adoption.
One major improvement will be the introduction of off chain transactions which will help improve performance on Ethereum. This will be a great introduction for Ethereum given its recent edging out as the leading smart contract platform by competitors like EOS.
Other than prices soaring, the upcoming hard fork has received a major boost from Binance crypto exchange. On January 03 the exchange announced that they will be supporting the upcoming Ethereum Constantinople Hard Fork.
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Topic: Buying Pressure On Bitcoin Setting It Up For The Next Bull Run (Read 1560 times)