The consensus is that Bitcoin is responding to newfound interest from institutional investors, which is why many in the crypto community feel the recent upsurge is here to stay. We’re talking Goldman Sachs, Fidelity and Blackrock all working on bitcoin related projects that will make trading crytocurrencies much easier for average investors. In the short run, however, this could still end badly. That’s because nobody really knows how Blockchain technology will evolve given the many technical and regulatory challenges facing the industry.
From a technical standpoint, however, breaking the $10K mark was a huge psychological breakthrough and this might be the only reason to actually buy Bitcoin right now. So watch the technical charts because it’s the only way to follow the shift in sentiment. This remains a speculative trade and market manipulation is real.