Bitcoin hit $13k in the early hours of today, and now people within the crypto community all about it and how possible it is for the crypto to finally retake its All-Time-High value. In December 2017, which is to be remembered as the most recent and impactful crypto boom, Bitcoin led the market on a sharp bull run that saw its value surge up to a cool $20k.
To many in the crypto community, Bitcoin trend in 2019 seems to mirror that of 2017, a notion that has people like Tom Lee believing that Bitcoin could soon reclaim the $20k mark and possibly gain some more. In a tweet, Lee had some points to back up his claim.
Macro Factors Support Higher BTC
According to Lee, a look at the various factors, especially the macro factors, that influence the crypto market, and Bitcoin, in particular, seem to support the possibility of a higher Bitcoin price. Indeed, many charts have been drawn showing technical factors that indicate that Bitcoin could be headed for a serious surge.
Central Banks Are Easing Up On Bitcoin
One major hurdle that has hindered Bitcoin’s mass adoption for long has been a somewhat reluctance stance by Central Banks to embrace the use of Bitcoin as a means of payment. However, recent developments have seen various banks gravitate towards cryptocurrencies.
Bitcoin, being the most valuable and popular of them all, stands to gain greatly as acceptance is boosted. More acceptance and use means an increase in demand and ultimately a rise in price.
History Has It…
In the world of cryptos, FOMO works like a charm, as has been witnessed numerous times. In Tom Lee’s opinion, a level 10 FOMO situation would push Bitcoin past its previous ATH of $20k. In fact, if history is anything to go by, such situations always lead to a surge. The current upward price trend is bound to create FOMO and increase BTC’s demand.
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Author: Nick James