Bitcoin: 3 Reasons Why It Is Set To Rally

Bitcoin kicked off the year by getting comfortable in range, not going anywhere fast. The ranges are becoming narrower, and this implies that a significant explosion is coming.

But to what direction?

Here are three reasons to favor the upside:

1) Institutional interest rising

Bakkt recently raised no less than $182.5 from Microsoft, the Boston Capital Group, and other factors. The ICE-based venture wants to offer quick BTC futures to institutional investors and will launch soon after several delays late in 2018.

Moreover, the blockchain industry is thriving, pushing more money and hiring at an accelerating rate. Also, the day for a decision by the SEC is getting closer. In late February, the US authorities will decide on a Bitcoin ETF request by Van Eck and SolidX.

Why is a Bitcoin ETF essential? It enables mainstream investors to pour into digital currencies.

2) Ethereum leads, Bitcoin follows

As FXStreet expert Tomas Salles analyzes, there is no rally without Ethereum. Vitalik Buterin’s coin is surging following the Constantinople upgrade which makes Ether more efficient.

Bitcoin, the King of Crypto World, will have his chance in the last phases of the current bullish trend. The current movement of Ethereum is an excellent opportunity to scratch some good Satoshis to Bitcoin, but when the time comes, it will be necessary to pass it on to Bitcoins to realize the gains. That will be the critical moment for the King.

Bitcoin is set to follow sooner or later.

3) A new year and winning buying streak

The GTI Vera Convergence Divergence shows that Bitcoin enjoys the longest streak of buying in six months. As with Ethereum’s push higher, this move has yet to materialize in Bitcoin. Will it happen soon?

The bottom seems to be behind us and fresh buying in the new year may find fertile ground for an upswing.

All in all, the situation is becoming more favorable for the cryptocurrency. Will it rise to the moon? BTC bulls it will not go to the far or dark side, as the Chinese spaceship did earlier in the week.

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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and ...

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