Bitcoin seems helpless to cross the psychological level of $10k but it does not mean that it fails in triggering a bullish rally. The scenario for the bullish period is still intact as the price value is hovering between $9,000 and $10,000.
The traditional markets are running up after a deep bearish season due to COVID-19. The top digital asset has shown no significant increase despite bullish momentum in the legacy markets. However, the equity markets may suffer amid fears of the second wave of Coronavirus.
The analysts and investors are asking to “be patient” with Bitcoin as chances of a bull run are still strong. And from the last two months, a lot of speculations and predictions have been made which all signal toward Bitcoin rally.
Bullish Signals for Bitcoin
There are some interesting things which tell why top leading asset needs to go up in the coming days. For example, the institutional investors are taking an interest in digital assets more than ever. Similarly, the crypto derivatives volume is also surging exponentially. The unlimited money printing on the part of central banks is also providing an edge to divert investors’ interest in digital assets.
“Be Patient” Policy
Following the current situation, the chief investment officer, Travis Kling, of the asset management firm Ikigai stresses that people need to be patient:
“A lot of folks have been asking why BTC isn’t higher right now. If you own Bitcoin, just be patient. BTC has historically transferred wealth from impatient hands to patient. Just be patient. Central banks are doing all the leg work for you as we speak. Just be patient.”
Recently, a prominent BTC investor found out that over 61% of all BTC in circulation did not move or transfer from their native wallet for more than one year. He said:
“What if I told you that the amount of #Bitcoin held without moving for >12 months is on course to make new ATHs (>61%) and barely changed in the March COVID panic …”
What if I told you that the amount of #Bitcoin held without moving for >12 months is on course to make new ATHs (>61%) and barely changed in the March COVID panic …
These levels of HODL'ing were last seen when the price was $200-500 back in 2015/16 pic.twitter.com/zrmLBz2MAH
— Alistair Milne (@alistairmilne) June 10, 2020
At press time, the world’s top digital asset is trading at $9,416.