Delphi Digital predicts bigger bull run for bitcoin than in 2017
Ancient Greeks used to visit the Oracle of Delphi for advice about the future, so Delphi Digital is well named in terms of making predictions. Its co-founder Tom Shaughnessy believes the next bitcoin rally will be even bigger than the previous one in 2017.
He said, “The last BTC bull run was driven by hype around magical internet money. The next one will be driven by an actual macro based understanding of the benefits of a non-sovereign, capped, digital Store of Value (SoV) bolstered by lightning. The next bull run will be bigger.”
Delphi Digital is an independent research boutique for institutional-grade analysis, and researchers like Shaughnessy are looking at what is a maturing market and foresee that the demand for decentralised cryptocurrencies and alternative stores of value is on the rise, and that this will, ultimately lead to an increase in the price of bitcoin.
In the last month bitcoin has risen 33% against the US dollar ($3,901 to $5,268), plus the unexpected surge “has allowed the dominant ryptocurrency to break out of key resistance levels that prevented a further drop below the $3,000 region,” CCN surmises.
According to cryptocurrency trader Josh Rager, the stability of BTC at $5,200 could also strengthen the foundation of the asset that would support the next major rally: “The longer BTC ranges between $5,000 to $5,200, the stronger support for it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs in my opinion, Bitcoin likely stays in the price range of this chart ($5,000 region) for weeks to come.”
CCN also remarks, “Researchers and investors remain confident in both bitcoin and the cryptocurrency market in general possibly due to the progress the industry has made in recent months in areas including compliance, transparency, security, and institutionalization.”
Overall, it is expected that the market sentiment for bitcoin and cryptocurrency generally is continuing to improve.