The next bull run of Bitcoin is expected to be much better than the one in 2017. Cryptocurrency has been maturing with time and the demand is getting better.
The bull rally for Bitcoin in 2017 was mainly due to the hype building around cryptocurrency. But researchers believe that the next bull rally will be based on the macro analysis. People have started understanding that cryptocurrencies are here to stay.
Cryptocurrency Reaches Its Maturity Levels
Cryptocurrency market is maturing fast and it derives its value from mainstream economy. The price of Bitcoin went up by 33% between March and April this year. Today it is trading at $5.268 against US dollars.
There Has Been Stability in Bitcoin
The market is witnessing a dominant run by cryptocurrencies that helps in breaking out of resistance levels. At present BTC is trading between $5,000 and $5,2000. The stability formed around $5,200 helps in forming a stronger support for the asset.
Bitcoin started recovering last year and it has shown signs of improvement. Though it is still 74% down from its all time high of $20,000, the cryptocurrency has a bright future as it is coming closer to real money.
Improvement in Compliance and Security
The fundamentals show that the upward trend is going to continue in 2020 as well. Transaction volume along with hash rate has also been on the rise. Miners continue to show their interest in Bitcoin and they are here to stay.
Mining trade has shown a vast improvement since 2018. Bitcoin is well ahead of its lower levels and it is reaching a stable state. Low point of Bitcoin is around $3.122 and it is safer to trade Bitcoin at the current rate of $5,200.
When it comes to transparency, there has been a good progress in this field. Investors are more confident as compliance and security have improved.