The Bitcoin star seems destined to continue increasing. It has increased by more than 500% this year alone, with no signs that the trend will decrease in the short term. It also seems to be gaining ground outside the encryption industry, with investors hoping to take advantage of the Bitcoin Express.
Hoping to facilitate this, CME, the world’s largest stock exchange, recently announced plans to launch a Bitcoin futures contract later this year. This will allow more people to invest in Forex because they will not need a real Bitcoin to take advantage of it.
After this announcement, Bitcoin reached a record of $ 7,601.53 this weekend. After diving below $ 7,000 on Sunday, it was trading at $ 7,092 for Monday.
Goldman Sachs predicts it will continue its upward trend to close the $ 8,000 mark.
“The market has shown evidence of an impulsive rebound for more than $ 6,044,” said Sheba Jafari, vice president of the bank’s FICC Market Strats team, on Sunday.
“Then in the house, $ 7,941, it could consolidate before continuing higher,” he added.
In August of this year, Jafari said that the currency was riding the fifth and last wave, based on the Elliot Wave theory, of an “impulsive” recovery with estimates that it would reach a maximum of $ 4,827 before falling. less than half $ 2,221
The currency has increased after that to reach $ 5,013 at the beginning of September. However, when China began its aggressive campaign against digital currencies this month, Bitcoin fell to $ 2,951. Jafari has stated that if Bitcoin really reaches a price of $ 7,941, it would mark the third of the “five waves” of the coin.
In addition to the support of CME, Japanese investors have also shown an increase in the demand for Bitcoin. Foreign currency trading in Japanese yen represents approximately 60% of the volume of operations.
The introduction of these Bitcoin futures will greatly increase the investment potential of the currency. Because it will be based on speculation rather than buying real money, this will eliminate the counterparty’s risk, as well as reduce the risk associated with the volatile and unpredictable crypto market. In addition, these futures could pave the way for the Bitcoin ETF sooner rather than later.
Therefore, even though Bitcoin has lost $ 600 of its record, there is still the belief that one of the largest financial institutions is undoubtedly that there is more to be done for Bitcoin to continue and, finally, reach.