Economist and crypto analyst Alex Krüger says Bitcoin charts “scream bottom”, but warns that increasing interest from retail investors is needed to push the price of BTC past $4,200 and beyond.
“Charts scream bottom, yet regardless of any bullish developments, interest in the space is still minimal. If price turns south of 3550 a new low becomes likely. The future is path dependent.”
Krüger points to seven recent developments that could boost interest and volume in the market over the coming months.
• Lightning coming to Square’s Cash App
• Binance accepting credit cards
• Mt Gox rebirth
• Facebook exploring crypto
• Bakkt possibly coming in March
• New platforrms/apps (Dharma, Abra, etc)
• Fidelity launching service for institutional investors
Right now, the price of Bitcoin is down 1.4%, hovering at around $3,935 at time of publishing. Ethereum and XRP are down 1.7% and 3.2% respectively. Meanwhile, Litecoin is up 3.8% and EOS has gained 5.7%.
Overall, technical analysts say crypto bulls have more work to do before the next potential price increase.
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