Bitcoin (BTC) continues to recover from recent losses. The world’s top cryptocurrency reached above $7,700 on Monday, adding $300 to its value in the last 24 hours and nearly $2,000 since the end of June. Currently, BTC is trading at a price of $7,950 per coin, and bulls are hoping for continued momentum to bring an $9,000 print as the market advances.
While it’s hard to find a catalyst for the coin’s jump on Monday, the upside seems to be related to positive news from the G20 meeting – held on 21st and 22nd July 2018 – as well as clear signals from the multinational financial services BlackRock Inc (NYSE: BLK). The G20, which comprises of finance ministers and central bank governors, agreed in their communiqué that crypto-assets technology can deliver significant benefits to the financial system. The agreement seems to suggest that there is a real possibility of seeing cryptos in the mainstream traditional financial system in the future.
Based on these positive signals, Mati Greenspan, a senior market analyst for the online social-trading platform eToro thinks that Bitcoin is nearing a massive rally. In a tweet posted today (July 24), Greenspan said that BTC may in fact be on the “cusp of the largest bitcoin bull run in history.” If the call proves right, then Bitcoin might break its all-time-high of nearly $20k.
It’s clear that many in the crypto Twitter community are excited not only about this prospect but also of BTC finally finding a bottom and renewing its ascent. Additionally, now that prices sit above $6k, a major support, the focus is back on the bullish technical charts, which continue to suggest a move above $8k and higher.
Bitcoin saw its highest value before Xmas 2017 when it reached the mind-boggling price of $19,500 per coin. Since the start of 2018 however, the leading cryptocurrency has nosedived by more than 60%. During that bear run, the digital asset dipped several times below the $6k level.
As of writing, BTC is changing hands at $8,150 on Coinmarketcap – up 6% in the last 24-hours. Other major cryptocurrencies including Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and EOS (EOS) are also higher, gaining more than 2 percent.