Bitcoin, the best cryptocurrency, has seen wild price fluctuations that crash from its highest peak of $ 109k to a low of more than $ 78k. Since then, however, BTC has been reflected back to $ 88k, which makes many wonder, what is there? Here are three important reasons why Bitcoin could prepare for a huge comeback!
Trump’s crypto summit can be a game changer
One of the biggest events that could push Bitcoin higher is the coming crypto top in the White House on March 7. President Trump has been established to discuss important issues such as Crypto regulations and his plan to create a strategic crypto reserve. Big names such as Michael Saylor (MicroSstrategy), Brad Garlinghouse (Ripple) and Brian Armstrong (Coinbase) are expected to be present.
If this event provides clarity about the position of the government and opens the door for more institutional adoption, this can cause a big rally in the price of Bitcoin.
Bitcoin Exchange outflows suggest Bullish Sentiment
Another positive sign for Bitcoin is the recent Exchange Netflow -Trend. Data of Cryptuquant shows The BTC exchange network flow has been negative last week. This means that more Bitcoin moves from centralized fairs to private portfolios, indicating that investors instead of selling instead of selling.
When fewer coins are available for immediate trade, the sales pressure decreases, which is historically the stage for price increases.
FOMO leads to options
Bitcoin’s Fear and Greed Index has recently been immersed in the “Extreme Fear” zone Stand at 20. History shows that when fear dominates, this is often the best time to buy. Even legendary investors such as Warren Buffett and Baron Rothschild have advised to buy when others are anxious.
If history repeats itself, this period of fear could be the stage for the next big rally.
