Bitcoin rally continues as investors note bullish signals
Bitcoin led a continuing rally in the cryptocurrency sector on Tuesday, extending its corrective rally to 12.9% since the close of trade on Thursday.
A number of catalysts were suggested, including reports that Swiss authorities were about to grant crypto companies full access to banking services – following in the footsteps of countries such as Malta and Singapore.
Meanwhile, South Korea, which has seen some of the sharpest regulatory responses to developments in the cryptocurrency sector, has gradually been relaxing its stance.
Technical buy signals
AltcoinToday said on Tuesday it had seen several bullish technical signals, including breaking the “double bottom neckline” and a crossover by the 100-day moving average of the 200-day moving average.
“Bitcoin’s price confirmed one bullish signal after another and may be poised to continue its rally from here,” said AltcoinToday.
Twitter crypto views
Indeed, some crypto investors took to Twitter to express their cheer in the latest rally.
Andy Hoffman said: “What the idiots predicting plunging bitcoin prices don’t get is that it is a new monetary asset class, and it’s here to stay. This is why support at a $100bn market cap is so staunch.”
What the IDIOTS predicting plunging #Bitcoin prices don't get is that it is a NEW MONETARY ASSET CLASS, and it's HERE TO STAY! This is why support at a $100 billion mkt cap is so staunch. Look at the collapsing fiat currencies…and PRECIOUS METALS!
— Andy Hoffman (#HODLBTC) (@Andy_Hoffman_CG) July 2, 2018
Jason @BaselineBonito included a chart suggesting bitcoin had broke “the downtrend channel”.
“Personally I think we hit the bottom and we are ready for a bullish period,” he said.
— Jason (@BaselineBonito) July 2, 2018
Bitcoin at $50,000?
Some have been even more optimistic in recent days. BitMEX exchange co-founder Arthur Hayes told CNBC’s Fast Money on Friday he believed the price of bitcoin would reach $50,000 by the end of 2018.
He said: “We’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
Prices continued higher on Tuesday. Bitcoin is now in official upward correction territory – that is more than 10% higher than its most recent cyclical trough, and the rest of the top 10 cryptos by market cap are following suit.
Here are the price gains as of 10am (London time) on Tuesday:
- Bitcoin was 4.1% higher at $6,635
- Ethereum added 6.1% to $476.24
- Ripple climbed 9.5% to $0.51
- Bitcoin cash rose 8.7% to $ 807.90
- Eos was up 12.7% at $9.16
- Litecoin added 9.2% to $87.72
- Cardano rose 10.3% to $0.16
- Stellar lumens gained 9.7% to $0.22
- Iota climbed 11.3% to $1.18
- Tether held at $1