Spring’s chorus of bullish predictions for Bitcoin appears to be having some corroboration from recent markets, as Bloomberg reports[1] on Bitcoin’s 4 percent gain today, April 20, putting the coin on track for its first back-to-back week of gains this year.
Bloomberg notes the recent upswing has brought BTC’s gains over the two-week period to almost 29 percent, with an upward trend for other major altcoins as well: Ripple up as much as 19 percent, Ethereum up 7.5 percent and Litecoin, 4 percent.
As an indication of market mood, buy/sell signals for Bitcoin are now showing 90 percent of traders buying Bitcoin, and only ten percent selling, for the first time since[2] March 2017.
To quote Bloomberg, this mini-recovery somewhat “eases the pain” of BTC’s almost 50 percent loss[3] in the first quarter of 2018, that followed hard upon late 2017’s $20, 000 high water mark[4].
Now that U.S. tax day (April 17) is over, some are seeing the markets’ mini rally as a vindication[5] of their view that recent momentum to sell off crypto before federal income tax returns were due was causing[6] much of 2018’s price misery.
April has also seen several traditional Wall Street players[7] edge into the crypto space[8], suggesting that anticipation of more institutional money[9] and talent is positively affecting[10] recent markets, and that significant institutional investment capital[11] could flow into the crypto market as it matures.
Yesterday[12] Dan Morehead, CEO of Blockchain-focused hedge fund Pantera Capital, remarked that even the SEC busting high-profile ICO scams such as as that backed by
