Bitcoin is Looking Bullish- Technicals and Catalysts Flash a Green Light
Bitcoin is headed above $4,000. The catalysts for a bullish cryptocurrency market in 2019 are in place, and I am accumulating Bitcoin.
Bitcoin has passed it's 100-DMA for the first time in 127 days, which is technically bullish. The Bitcoin chart is looking very nice with a potential head and shoulders pattern. Bitcoin itself has a >50% dominance in the cryptocurrency market, and is in the driver's seat for market performance. Bitcoin's market cap is above $60 billion. We may have a retracement, but the overall trend looks very bullish.
The catalysts for Bitcoin's price performance are in place. Institutional and retail customers are ready to propel the asset higher. The Bitcoin ETF may be approved soon, and large investment houses like Fidelity are building trading desks for retail clients. Abra is using the Bitcoin blockchain to simulate transaction free stock and ETF trading. The Lightning Network has surpassed $2 million, and has been used to buy pizza and other micro transactions.
The biggest catalyst is the large population of young people on Earth, which surpasses any other time in history, according to U.N. records. A whopping 1.8 billion people alive today are between the ages of 10-24, and are the demographic most likely to purchase and use cryptocurrency. They will also inherit the largest ever inheritance from the Baby Boomer generation, and trillions of dollars will seek returns. This is the catalyst of catalysts for Bitcoin. When Wallstreet and Mainstreet meet together, Bitcoin will rise.