Bitcoin keeps getting more bullish information coming out nearly every day. It seems like every day, the fundamentals for Bitcoin keep on building a bullish narrative around Bitcoin which always has a growing effect on the entire cryptocurrency space.
There was a bullish breakout pattern on the charts yesterday, which eventually went higher, reaching over fifty thousand dollars before seeing the selling pressure step up. This finally brought the price back down to under fifty thousand dollars.
We have to note that the bounce today only brought Bitcoin up to form another lower high. This means that the downtrend for Bitcoin has not yet been broken; it is still the market's driving force.
We can come down and retest the areas in the lower 40s again. Until we make a significant break higher, the downtrend is still in control next week.
There are several reasons to be excited about Bitcoin as we have also been hearing a lot of bullish news lately.
Citibank came out with a 108-page report where they, in plain terms, said that they are bullish on Bitcoin. They stated that Bitcoin is at a tipping point, and this could be the start of a massive transformation of cryptocurrency into their mainstream.
They also said that Bitcoin could be used as a currency of choice for international trade, replacing the dollar if it came to pass.
Citibank is one of the biggest banks in the world and is the fourth biggest bank in America. They believe that a global Bitcoin standard is possible.
The Citibank report came out a few days after JP Morgan said that investors should consider allocating one percent of their total portfolio into Bitcoin. This is incredible because, as of a few years ago, JP Morgan was a Bitcoin hater; even the CEO went as far as threatening to fire anyone he caught trading or investing in Bitcoin. Still, now they support the gold of cryptocurrency.
Two of the biggest banks in America and the world are now big supporters of Bitcoin. They also represent teams of trillions of dollars worth of wealth. Bitcoin is, without a doubt, a serious asset for a serious money crowd.
It is amazing to see adamant Bitcoin haters bending the knee and turning into Bitcoin advocates. Even Kevin O'Leary has bought Bitcoin and Ethereum and said that he allocated three percent of his portfolio into Bitcoin and Ethereum.
