The bitcoin price has fully recovered($11,801) from its most recent major correction in which it fell from $11,395 to $8,998.30.
Given the tendency of the bitcoin price to endure a major correction after achieving a new all-time high and recovering back to its previous all-time high, the bitcoin price is currently in an optimal position to sustain upward momentum and gear towards a new rally.
The US market has also recently overtaken the Japanese bitcoin market, becoming the largest bitcoin exchange market with approximately 30 percent of the global bitcoin market share.
It is important to acknowledge that the demand for bitcoin from the US and its traditional finance sector is increasing at a rapid rate due to the announcement of the world’s largest financial institutions to engage in bitcoin trading in the upcoming weeks.
Upon the December 18 launch of CME’s bitcoin futures exchange, the trading volume of bitcoin will likely surge, along with its price.
In the midterm, analysts expect the price of bitcoin to surpass $14,000, as billions of dollars flow into the bitcoin market.
In the long term, as CCN reported, investors like billionaire hedge fund legend Mike Novogratz see the bitcoin price surpassing $40,000 by the year’s end, ahead of institutional investors move into the bitcoin and cryptocurrency
[small_title title=”What Strategist have to say”]
“The prospective launch of bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors,” said Panigirtzoglou.
“In all, the prospective introduction of bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class. The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here,”
“There’s a big wave of money coming, not just here but all around the world. What’s different about these coins than other commodities … there is no supply response here. So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up,” said Novogratz”