Is this the right time to buy Bitcoin and will the cryptocurrency price rise continue?

The price of Bitcoin shot above $8,300 this week and sparked hopes that a cryptocurrency comeback is on the way.

So far, 2018 has been a dismal year for Bitcoin, which hit a high of almost $20,000 in December last year before slumping by almost 75%.

But if the market really is recovering, then could this be the right time to buy? Are we going to see another massive price rise?

The past few months have been dreadful for crypto investors, but now the market is finally buoying up

Although the crypto-world is full of wild predictions suggesting the value of Bitcoin is about to soar again, none of them are truly reliable.

One key move which could aid its rise is currently being mulled over by the U.S. Securities and Exchange Commission.

A company called Bitwise Asset Management has filed paperwork which will bring the first cryptocurrency exchange-traded fund to market in the US.

The San Francisco-based company said the ETF that would track an index including bitcoin and nine other digital currencies.

Cryptocurrencies have grown to a market capitalization near $300 billion as a rival system for the currencies minted by governments.

An ETF would open investment to anyone with a brokerage account, including a range of mainstream investors.

‘The crypto market is significant,’ said Matt Hougan, global head of research for Bitwise.

‘It’s too big for people to ignore.’

If traditional investors are able to invest in Bitcoin, a price rise is likely to follow.

Matthew Newton, analyst at eToro, a global investment platform, said Bitcoin will probably continue to buoy up and claimed ‘bulls’ are back in the market.

A bull is someone who buys stocks in the hope of selling them for a profit at a later date.

‘‘The bulls seem to be maintaining the upper hand, after a significant shift in the price pattern last week,’ Newton said.

‘The short squeeze on the market that occurred after the pattern completed, caused some concern that we were seeing a repeat of what happened in April, when bitcoin failed to break $10k.

‘By soaring past those key barriers of resistance, it would seem history is not repeating itself and there’s real strength in the move. If bitcoin can close above $8,000 today, we could assume that we may have a good run toward $10,000.’


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