Winter was a tough period for Bitcoin, but now we witness how the situation slowly gets reversed. BTC confidently trades at $9000, although the key resistant point at $9,800 is not met yet. However, the crypto community expects a fair share of good news to surface soon, which can eventually initiate another rally.
At the time of press, Bitcoin is trading at impressive $9703.09. In the last month alone Bitcoin gained more than 30% in value, and further growth is expected due to various reasons. Tom Lee has stated that a lot of investors sold a significant part of their crypto assets to avoid capital gain tax, which was on April 15th. Now, these investors are returning to the crypto world and buying digital assets again.
At the same time, Bitcoin is gradually approaching its 21-million cap, with only 4 million bitcoins left to mine. This fact will inevitably lead to Bitcoin’s rise in value. Another positive factor for Bitcoin is the decision of major investors to join the crypto market. George Soros, Goldman Sachs, and even the Rockefeller’s Empire all have announced their participation one by one.
It remains to be seen how credible are the words of financial giants. One fact, however, is undeniable – the cryptocurrency markets are gaining recognition. The Federal Reserve Bank of St. Louis, for example, has made a following bullish statement:
In the near future, a close cash substitute will be developed that will rapidly drive out cash as a means of payment. A contender is Bitcoin or some other cryptocurrency. While cryptocurrencies still have many drawbacks… these issues could rapidly disappear with the emergence of large-scale off-chain payment networks (e.g., Bitcoin’s lightning networks) and other scaling solutions.