Yesterday we saw a huge surge in the markets. With initial fears that prices would bounce back down due to correction, we are all quite surprised this morning that the markets are still looking very healthy.
Here’s the statistics at the time of writing:
*data from coinmarketcap.com
The upwards trend seems to be continuing, with no real end in sight.
The big question for everyone now, what is going to happen next?
Well, according to Olga Feldmeier, the CEO of Smart Valor has told the Daily Express this morning that this is a sign that some serious money is going to enter the markets soon, saying that:
"I personally think that this rise was due to a large institutional investor. Apart from J. Soros there are a lot of institutions, hedge funds and big investors waiting for the right time to step in. As the price increase happened on crossing the 7,000 lines and came initially just from one exchange, Bitfinex, this indicated that it was pulled by a large institutional purchase order. Later it spread to other exchanges and marketplaces. I think this incident could become the ignition for the next bull phase, for which a lot of investors were waiting for a long time and will be happy to support now. I believe that we will see a comeback to the height achieved at the end of 2017, this year. Over the period of next 2 years I still predict we could see it reach a value of 100,000."
As Feldmeier points out, and I’m sure many others will reflect on the sentiment that this seems to just be the start of what could be a colossal bull run. With Bitcoin hovering around the $8,000 mark, it is starting to seem much more likely that Bitcoin could hit $10,000 sooner than we think. The $10,000 threshold is arguably the next big obstacle for Bitcoin, once it surpasses this and displays an ability to maintain at that level, we are likely to see yet another surge in prices until eventually, the $20,000 mark is met, and breached.
A recovery is underway and actually, we seem to be seeing signs that not only is this a recovery from the March downfall, it’s looking to be a recovery from the disaster that was the start of 2018. Investors are getting very excited right now, and rightly so.
Keep your eyes on the markets today, we are expecting a turbulent weekend indeed.