Home > News > Bitcoin Gets New Bullish Signals, Even with Sub $10K Drop

Bitcoin Gets New Bullish Signals, Even with Sub $10K Drop

A hallmark of the recent higher degrees of volatility in the price of Bitcoin is the large range of price predictions from various analysts. Some voices are calling for a parabolic rise to the $40k mark, and others are saying that a drop to sub $7k is likely. 

The main item all these analysts keep bringing up is the $10k mark. With Bitcoin now trending just below it, this has given cause for bears to think that things could continue to get worse. Technical traders base a lot of their psychology around this level and it has truly become the best measure of optimism. 

A Major Partnership

Safeway, a major grocery chain with operates 894 locations across 17 American states, has just announced a partnership that will have them giving 3.5% cashback in Bitcoin to their customers. The partnership is with a rewards shopping app called and Loli that has also partnered with Hotels.com recently. 

The idea is that earning Bitcoin is one of the best ways to get more people using the cryptocurrency. Once people are in possession of it, they would naturally look for ways to spend it, and this would create an inherent demand for retailers to start offering methods of paying with crypto.

The other advantage this loyalty program has over regular programs is that Bitcoin is not deflationary like points are. Arbitrary points being given out are great in the short-term, but lose value over time. Bitcoin however, is designed to be scarce and tends to gain value over time. 

Hedge Fund Success

All of this comes at a time where it has been announced that a hedge fund that incorporated Bitcoin into its holdings has posted some record-breaking returns. With 46% returns so far this year, Bill Miller’s bullish investment in Bitcoin has paid off significantly. Known for investing in beaten down securities that are trading at discounts to their intrinsic value, it looks like Bitcoin was a big part of the solid returns he has earned since opening the fund. 

Although delivering volatile returns of 182% in the first year and -34% in its second year, the fund has still done extremely well. It also consists of stocks like Amazon and Avon Products Inc., but these 3-year returns are largely being credited to Bitcoin. The added legitimacy this will bring to Bitcoin is just another brick in the wall for bullish investors. 

Macroeconomic Pressures

With Bitcoin heading into even stronger expectations of a bull market now that the European Central Bank is planning to turn dovish again, many in the crypto world are getting excited for what this could mean. 

One of Bitcoin’s main advantages over fiat currency is the way monetary policy is defined. Unlike with fiat currency where rates can be cut and money supply increased, Bitcoin (and most altcoins) have a pre-set quantity that will be released. This helps avoid the type of devaluation that occurs when central banks decide to intervene and put their own policies into place. 

So with Bitcoin already receiving lots more attention than it was getting in Q4 2018 and Q1 2019, as well as a Bitcoin reward halving coming up, these new quantitative easing measures will just prove to push more investors to buy Bitcoin

1
Min. Deposit
$50
Exclusive promotion
Our score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA
2
Min. Deposit
$10
Exclusive promotion
Our score
9.3
24/7 Support for all Traders
Trade Margins, Indices & Futures
Highly-rated mobile app with super low rate fees
Start Trading
Description:
As one of the largest and oldest Bitcoin exchanges in the world, Kraken is consistently named one of the best places to buy and sell crypto online, thanks to our excellent service, low fees, versatile funding options and rigorous security standards -- but this is only part of the story. We’ve been on the forefront of the blockchain revolution since 2011.
Payment Methods
Credit Card
Full regulations list:
3
Min. Deposit
$60
Exclusive promotion
Our score
8.7
Accessible world wide meaning you can buy cryptos no matter where you are
Save on foreign exchange fees by paying in your local currency with over 47 currencies available
Lowest fees on the market so you can get more crypto while paying less
Start Trading
Description:
UK-based Crypto exchange company with FCA license. Global coverage of 180+ countries and unprecedented 48 US states. Buy & sell cryptocurrencies no matter where you are.
Payment Methods
Credit Card, Debit Card, Skrill, Neteller, Bank Transfer, Bitcoin
Full regulations list:
FCA
4
Min. Deposit
$1
Exclusive promotion
Our score
8.5
FCA regulated crypto exchange with 4500+ digital assets available for trading
Supports users from over 100 countries including the US and Canada
Withdraw your funds using PayPal or other payment methods
Start Trading
Description:
Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.
Payment Methods
Credit Card, Debit Card, Euro Bank Account, 3d Secure Credit Card
Full regulations list:
5
Min. Deposit
$50
Exclusive promotion
Our score
7.9
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Start Trading
Description:
Founded in 1999, part of GAIN Capital Holdings. Licensed in highly regulated jurisdictions, FCA, IIROC, NFA, CFTC, CIMA,FSA. Payment methods ACH, debit card, bank wire transfer. $50 minimum deposit.
Payment Methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Full regulations list:
NFA, CFTC, FCA, FSA, IIROC, CIMA, FFA Japan, MAS, SFC of Hong Kong
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
6
Min. Deposit
$10
Exclusive promotion
Our score
7.8
0% Commission Account
Low Spreads
Eco-Account Option
Start Trading
Description:
CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.
Payment Methods
Bitcoin, Credit Card, Debit Card
Full regulations list:
Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice.
7
Min. Deposit
$10
Exclusive promotion
Our score
7.5
The broker offers access to a trusted MetaTrader trading system
Pricing is ensured to be completely transparent, also providing accuracy and speed
Trade a Wide Variety of Assets with Leverage up to 1:500
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Credit Card, Debit Card, Visa, Bitcoin
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
 

Tags:

Sign up to our exclusive newsletter today!

Tailored emails

No SPAM ever!

Alt coin news

Unsub anytime

After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.