Bitcoin (BTC) Set To Get Back Above $5,500 As The Market Bulls Resurge

305
Bitcoin Skyrockets Over $4150 as Ethereum, EOS, XRP, XLM and Ontology (ONT) sees Massive Increase In Price
Advertisement
   

The bulls are steadily making a comeback in the market. In the last couple of hours, the resurgence of the bulls has seen many of the cryptocurrencies turn green. For Bitcoin, the crypto leader has jumped above $5,400, a position it has been struggling with in the last couple of days. Now, all eyes are on to its next target of $5,500, with the $5,700 its most obvious and more ambitious target.

Bitcoin (BTC) Set To Get Back Above $5,500 As The Market Bulls Resurge

Over the last couple of weeks, the bulls have reasserted their dominance in the market and every push higher continues to be a show of strength and a move to push bears further away. In the latest move, altcoins seem to be leading the way. Bitcoin Cash which has been showing the best numbers is up by around 4%.

News Contributing To The Latest Move

A recent report has shown that one of the next big rallies in the cryptocurrency world will be triggered by millennials. The report has indicated that 27% of adults aged 18 to 34 would rather invest in Bitcoin than stocks. An additional 30% stated that they would invest in Bitcoin over governments bonds while 22% preferred Bitcoin to real estate. Currently, the report states that 20% of these young adults already own Bitcoin.

A few weeks ago, we reported on an economist who predicted that Bitcoin would hit $50,000 in the next decade based on ‘the great wealth transfer’, this report seems to validate the claim and shows that millennials will have a vital role in the success of Bitcoin.

Advertisement
   

In the last couple of hours, a new campaign has emerged from one of the largest investment groups in the world, which has launched an anti-gold and pro-Bitcoin ad. The ad, which will appear on tv, streaming services, and social media is pushing for clients to move their investments from gold to Bitcoin. According to the ad, gold is impractical and a remnant of the past. Bitcoin, however, is fast and practical for everyday use.

In addition to these positive developments emerging in the crypto world, there remain more technical bullish signals that continue to play a vital role in the recent push.