Kain Warwick, CEO at Blueshyft signals the recent price surge in Bitcoin could potential transform into a bull run as seen in December 2017.
Blueshyft, an Australia-based payment processing service, recorded a great increase in their daily volumes after the recent healthy BTC price action. Warwick confirmed that retail buyers are come back into the market and he also reported about recent activity which was identical to the last bitcoin bull run.
Why Warwick’s analysis is important?
- He represents a company which has a network of over 1,200 retail stores that accept fiat and card payments on behalf of cryptocurrency exchanges
- Blueshyft is an iOS-based point of sale service which reports its purchases to bank and tax authorities.
- Data on volumes reported by the firm are authentic and genuine due to their brick-and-mortar nature.
- People deposit their crypto orders in person, leaving no room for volume manipulation for the exchanges that Blueshyft serves.
Warwick told Mickey that he sees this volume surge as an indication of trend continuation and he states that this also signals that people want to buy BTC even at the surged price. The Wednesday volume – Warwick added – was Blueshyft’s best since December 2017 when it came to fiat-to-crypto trades.
“We work with a lot of exchanges, and we’ve seen a pretty steady increase in the volume of deposits over the past two to three months – which, in 2016, was a very very strong leading indicator of the rally we saw in late 2016 all the way through to the end of 2017,”
“For me, that’s one of the best indicators – you see organic interest back that people want to put money into crypto. “Trading volume is easy to manipulate, but it’s much harder to manipulate that interest of organic money coming into the ecosystem. So for me, that’s been a pretty good sign over the past few months, that it’s picked up again.”
Bitcoin aiming for $72,000, chart analysis by Peter Brandt
Bitcoin surprised the market by gaining 20 percent on April 2nd. After the recent rally, there has been an ongoing keyboard war in social media by several analysts, some believe that the market is starting a new parabolic uptrend and some termed this rally as a short living pump which is destined to go down in the coming days.
One of the renowned analyst Peter Brandt, posted a chart analysis showing a parabolic uptrend in Bitcoin.