Bitcoin buy orders have now gone up to over 92% of market activity following they cryptocurrency’s recovery from a shaky start to the year. The huge surge in buy orders ushers an impending bull market that people predict could exceed the monstrous late 2017 run up.
According to data from TurtleBTC, the cryptocurrency buy market percentage is currently at 92.86%–greater than the 88% on December 2017.
With the surge of buy orders putting pressure on the cryptocurrency market, a significant shift in price is quite possible. However, order presence is not the only indicator that suggests a huge run up in the immediate future. With bitcoin’s meteoric $1,000 jump over the past week, investors are quickly moving in to cash in on the comeback of the $10,000 BTC psychological barrier.
Cypto market observers are rallying for a strong increase in bitcoin prices sooner rather than later. Fundstrat’s co-founder and head of research Thomas Lee has reiterated his forecast of bitcoin hitting the $25,000 mark by the end of the year.
Lee predicted bitcoin’s value to jump to a 225% increase from $7,662.
“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year … It’s overdue. Bitcoin was incredibly oversold”
Although Lee is known in the cryptocurrency community for his unfailingly bullish sentiments on Bitcoin, his prediction that selling pressure would subside following tax day in the U.S. proved to be correct.