Despite the continuous crypto winter, investors are still optimistic and patiently waiting for another bull run. However, many people have distanced themselves from the market.
No one would blame them for their actions. After all, we all saw bitcoin almost hitting as high as $20,000, but today the market has declined by nearly 90%, which got many fingers burnt.
However, whatever the current market situation is, some people still want to invest but confused about when best to join the bandwagon or buy more. “Maybe bitcoin has not seen the bottom yet,” many would think.
But given the latest and upcoming developments in the crypto industry, which will help take cryptocurrency to the mainstream, now could be a great time to buy the dip.
The Launch of Bakkt
Bakkt, a crypto firm created by Intercontinental Exchange (ICE), aims to bring more institutional investments to cryptocurrency. Bakkt’s launch is now scheduled for April 2019 after several postponements due to regulatory issues.
Bakkt said its well regulated and connected platform would enable customers and institution trade digital assets seamlessly. This will help build trust and confidence and efficiency in cryptocurrencies.
When Bakkt finally goes live, we will see more institutional money pumping into the market, and that will change the crypto world.
Increasing crypto regulation
Government authorities are now choosing cryptocurrency regulation over outright bans. Countries like Malaysia and South Africa will reportedly provide a framework to check crypto activities this year.
With more countries acknowledging digital assets as tradable commodities and providing regulations to protect people against fraud, investors will gain more confidence in cryptocurrencies without the fear of being scammed.
National Stock Exchange Seeking Crypto
On Jan 17, Thailand local media reported that the country’s Stock Exchange is seeking a license so it can add a crypto exchange to its services this year.
The Stock Exchange of Thailand (SET) stated that it is launching a digital asset exchange because its security firms have shown interests in becoming crypto brokers and dealers. The SET also expects cryptos to grow as more investors begin to understand them.
With these glaring signs, one could note that the industry is growing big, and if the bulls hit the market again as we saw in 2017, buying bitcoin now would mean an 85% discount.
BTC Could Move To $5000
With bitcoin maintaining relative stability between $3600 and $3700 this week, analysts have predicted that we could see a bull run to $5000 soon.
Jon Pearlstone, the publisher of the CryptoPatterns newsletter, also said that if bitcoin continues to hold $3,500 as support, then a $5,000 price could happen due to what he called a “bullish inverse head and shoulders pattern.”
The post This Could Be a Great time to Buy Bitcoin And Here’s Why appeared first on ZyCrypto.