Next Bitcoin Bull Run Slays 2017’s ‘Hype-Driven’ $20,000 High: Researcher
By CCN.com: Tom Shaughnessy, a co-founder at Delphi Digital, an independent research boutique for institutional-grade analysis, believes the next bull run of bitcoin will be bigger than the previous rally.
“The last BTC bull run was driven by hype around magical internet money. The next one will be driven by an actual macro based understanding of the benefits of a non-sovereign, capped, digital SoV bolstered by lightning. The next bull run will be bigger,” he said.
As bitcoin and the rest of the cryptocurrency market matures, researchers like Shaughnessy foresee the demand for decentralized alternative cryptocurrencies and stores of value from the mainstream will increase, ultimately leading to an increase in the bitcoin price.
What Do Investors Expect in Bitcoin in the Near-Term?
Throughout the past month, the bitcoin price has risen by 33 percent against the U.S. dollar from $3,901 to $5,268.
The bitcoin price is up 33 percent in the past month (source: coinmarketcap.com)
In a technical aspect, the abrupt surge in the bitcoin price has allowed the dominant cryptocurrency to break out of key resistance levels that prevented a further drop below the $3,000 region.
According to cryptocurrency trader Josh Rager, the stability of BTC at $5,200 could also strengthen the foundation of the asset that would support the next major rally.
