Bitcoin Price and Where the Buying Power Is | The Home of Altcoins: All About Crypto, Bitcoin & Altcoins

Price analysts are now saying that Bitcoin’s recent run will continue at least until the $10k zone. Allegedly, there is little resistance present, and the price should continue to go up past its recent high of $9000 to the much anticipated $10,000 mark.

The belief is that a high degree of buying power will be required to push it to this point, and that pressure will come during dips. Bulls are “in control” at this point, and just looking for good times to make leveraged purchases of BTC. The key support level stopping Bitcoin’s price from dropping into the $7k range is $8200, so investors should be wary of that area from now on.

Blockchain Classified as Emerging Technology

As the industry is in search of more buying power, it is interesting to watch U.S. lawmakers push to have the National Economic Council (NEC) host a forum on blockchain. Officially listing blockchain as an emerging technology and giving it a ton of additional exposure could be what it takes to push Bitcoin’s price back into the 5-figure zone.

A bipartisan letter was addressed to Larry Kudlow, an advisor to Trump, looking for more support of the technology. Seeing as blockchain has stayed in the mainstream for several years, this doesn’t seem like an unrealistic request.

One of the main issues holding back the blockchain industry has been a lack of clear guidelines and regulations. This makes one quote in the letter stand out:

“To continue its standing as a world leader in technological innovation, the United States should engage with policymakers, the private sector, and academia to promote the research and development of blockchain technology; explore its benefits for private and public use; collaborate on cross-sectoral policy, standard-setting, scalability, and implementation issues; and discuss potential regulatory approaches.”

Viewed as a potential benefit to all of society and source of economic…

Source Link