Bitcoin is considered one of the main cryptocurrencies out there in the market right now, with total current combined value of 230 billion of dollars. The Bitcoin is often seen and used as a gateway currency which enables users to be able to purchase other cryptocurrencies or so called “alt-coins”. Furthermore the Bitcoin is one of the most stable coins out there in the market and over the long haul it is one of the most profitable coins out there. It is a coin thousands of businesses around the globe accept and even Nation states are adopting it into their financial infrastructure.
Recently the Bitcoin also got another bump in the Muslim World as it was recently announced that the Bitcoin might be considered permissible to trade under Islamic law, opening the market for 2.3 billion Muslims around the World. It is not just the fundamentals that are gearing up for another bullish run but also the technical’s are lining up for a potential bullish run once again for the Bitcoin.
Bitcoin opens up to Middle Eastern markets
The Bitcoin was largely an untapped market in the Middle East, despite it having significant amounts of liquid assets and disposable incomes which theoretically make it an investors paradise. However the Bitcoin was initially rebuffed due to religious beliefs which initially forbade it and a general lack of interest. However this is quickly changing as traditional investment assets are no longer providing the returns they used to due to a sluggish global economy and red rape. Furthermore the oil has saw its value collapse recently to half of what it used to be, thus in turn leading to a slow and steady surge in cryptocurrency interest.
Adaptation by businesses
The Bitcoin and other cryptocurrencies are being used as active currencies by thousands of global businesses around the World and such use continues with the latest and most significant example is the MOBI Blockchain Group that has members from 30 different car manufacturers ranging from BMW to BM and other major car manufacturers. The aim for these manafacturers is to use blockchain technology to make transporation safer, greener and more affordable by bringing together Governments, suppliers, startups and manufacturers together to deliver the best products in the market.
Major potential bullish pressure and technical analysis
The Bitcoin has gone from trending downwards to ranging from the $11,400 mark to the $6700, with the Bitcoin now attempting to stabilize at the $9,000 mark. Should Bitcoin break the $11,700 resistance line, one can expect the bulls to reenter and dominate the market once again, giving it a huge push towards the continues bull market once again. However at this point in time, patience is the key as with any good investment but current signals are promising as the Bitcoin is slowly but surely trending upwards at this point in time and is bouncing off support lines nicely.
But as we have seen previously, the Bitcoin market is an untamed market and the current strategy at this point in time is to wait for the Bitcoin to test the $11,700 mark again, something it has done so twice and usually if it reaches the point for the third time, it will most likely in our opinions break it. If not one can expect lower lows before it makes an attempt once again.
To conclude their are a lot of promising things coming for blockchain technology with the revolution coming closer and closer to its final goal which is global adaptation of blockchain technology. Initially Banks and financial institutes were mainly interested but now bigger and bigger businesses are getting behind the technology due to it being a market worth hundreds of billions of dollars.