The Bitcoin price (BTC) bull-run is continuing this week after soaring 34% in the last two weeks. Bulls have been successfully optimizing trader’s sentiments, and they have several reasons to support their bullish thesis. They say the market has digested the bearish trend that was supported by concerns over the regulatory requirement, taxation, and bans from countries and advertising platforms.
BTC price almost hit the $9000 mark during the weekend – the highest level in the last month. A large number of buy orders for the largest coin is supporting the bull-run. Its market cap also surpassed $150 billion for the first time since March 24.
Bulls Envisage a Sustainable Rally
Analysts, retail investors and institutional tycoons are foreseeing the sustainable bull-run in cryptocurrency markets; they believe regulations, exchange hacks, and SEC crackdowns all contributed to streamlining the emerging digital currencies.
The considerable growth in buy orders over the last week indicates trader’s enthusiasm in digital currencies and their future fundamentals. Bitcoin buy orders jumped above 90% during the previous week, and orders are standing around 88% at present.
“Bitcoin deflationary characteristics are an indication that in the long run, the market is bullish,” Rodrigo Marques, CEO of cryptocurrency investment platform Atlas Quantum says.
Although fundamental analysts are forecasting BTC price to reach the $20,000 mark by the end of the year, technical analysts expect BTC coin to test the $10,000 marks sooner than later. Technical analysts believe that moving averages indicate the bullish trend will continue in the short-term.
Strong Asian Trading Volume Supports the Bull Run
Investor’s response from Asian markets adds to the broader rally, driven by traders increasing confidence in cryptocurrency markets.
Japanese and South Korean authorities have determined strict rules for cryptocurrency exchanges in order to control hacks, reduce security lapses and other unethical trading activities. These activities are helping Asian altcoins to extend the bull-run at a faster pace than Bitcoin in the last two weeks. Asian exchanges including OKEx, Upbit, and Bithumb are among the top five exchanges regarding trading volume.
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