Many Bitcoin exchanges have reported that they have seen the most buying volume since 2017. The buying volume has not just been a one week phenomenon either, as the buying volume has been at a strong level for about a month. Many people believe the buying volume is an indication that the price in Bitcoin is going to rise. It could also be that cryptocurrencies in general see a bounce, with Bitcoin leading the way. One Bitcoin expert said that if the current volume readings are correct, “we’re about to bust out into a raging bull market.”
The question is just how much of a Bitcoin rally are we going to get? One Bitcoin trader said that he expects Bitcoin to hit $5,000 by May. He said that many of the numbers are pointing to a Bitcoin rally, including the 12-hour Moving Average Convergence Divergence and the Chaikin Money Flow.
Keep an Eye on Venezuela
If you are waiting for the perfect time to get in on a Bitcoin rally, watch what is happening in Venezuela. It could be that what is happening in Venezuela currently is holding back a Bitcoin rally. Why do I say that? Let me explain. The country of Venezuela is currently a mess with country-wide power outages. The Bolivar plunged in value and the government decided to start accepting cryptocurrencies, including Bitcoin. This is great news for Bitcoin investors, as the price of Bitcoin should rise with Venezuela accepting Bitcoin payments. There is a current problem, however, and that is no electricity in the country. Internet access has been cut off for most people and that means no Bitcoin trading.
Once the electricity situation is rectified you can expect more and more Venezuelans to start using Bitcoin. The citizens sure don’t want to be using Bolivar, so they will look for other currencies to use, especially those backed by the current government. The time to invest in Bitcoin could be when Venezuela gets their power grid back online.
The expectations for Bitcoin going forward are optimistic, even though there has not yet been a big bull rally. That could change very quickly however, especially with more countries looking to alternative currencies. Venezuela is just one of the countries that are looking to Bitcoin as a viable payment method. Other countries are already using Bitcoin on a regular basis. Just recently a major United States company, Starbucks, announced they intend to start accepting Bitcoin as a payment method.
This appears to be a good time to invest again in Bitcoin, as all of the signs point to a rise in price. More and more people are using Bitcoin everyday and more companies around the world are using Bitcoin. Not only are companies like Starbucks looking into using Bitcoin, other companies like BookMaker.eu are already using it and BookMaker has become a leader in accepting Bitcoin payments at their online sportsbook.
Keep current with the latest Bitcoin news at BookMaker.eu.