The Bitcoin market has turned bullish once again and some finance experts believe that during its current run, Bitcoin could climb as high as $100,000.
The price of Bitcoin – which has languished below $6,000 for most of the year – hit a 17-month high just hours ago, surging above $12,000.
As of Monday, Bitcoin has recovered more than 50% of the losses it has suffered since 2017’s all-time high of $20,000.
Bitcoin’s sudden price increase has many people wondering what is causing it and how long it will last.
Factors contributing to Bitcoin’s rise
At the top of the list of contributing factors is Facebook. On June 19th, the social media giant announced its plans to launch its own blockchain-based digital token, Libra.
The token is intended to be a medium of exchange to be used on the company’s various platforms and has more than a passing chance to become one of the world’s most popular cryptocurrencies thanks to the more than 2 billion users who currently use Facebook.
Despite the opposition that the project is facing, Libra’s launch announcement has the ability to significantly raise awareness about cryptocurrencies.
Experts speculate that because Facebook is such a popular and widely used platform, it has the potential to help legitimize the industry.
Once pessimistic investors have are once again returning to Bitcoin while newcomers are discovering it for the first time.
In a recent note to clients, Fundstrat’s Thomas Lee wrote:
“Facebook’s announcement pretty much crushes the argument that blockchain makes sense but not bitcoin. This is validation that cryptocurrency, albeit a stable coin, is going to see widespread usage and adoption.”
Another likely reason for Bitcoin’s return to a bull market is increasing interest from institutional investors.
While the 2017 runup was buoyed by media hype and the efforts of small investors trying to get a piece of the Bitcoin pie, 2019’s current trend is likely the result – at least in part – of strong interest from big institutional investors such as fund managers and hedge funds.
The Chicago Mercantile Exchange, which was first US-legislated exchange to launch Bitcoin futures trading, reported an all-time high last week of 5,311 contracts totaling 26,555 BTC worth more than $332 million at current prices.
According to Forbes contributor Naeem Aslam, “One can call it a bubble, but this time the Bitcoin price range could very well be between $60,000 to $100,000.”
How you can gain profits from Bitcoin’s growth
Bexplus offers good opportunities to profit from Bitcoin’s growth. A world-leading derivatives platform for the cryptocurrency market, Bexplus aims to provide advanced financial services to global investors in futures trading through the use of blockchain technology.
On Bexplus, you can invest in BTC, ETH, and LTC perpetual contracts with up to 100x leverage.
For instance, you can use 1 BTC to short (predict it is going to drop) or long (predict it is going to rise) BTC and open a 100 BTC position with the help of 100x leverage.
You can also set stop-loss and stop-profit to control and mitigate risks.
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For example, depositing 1 BTC can earn you an additional 1 BTC as a bonus.
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