SFOX: Bitcoin Price May Rise On US Independence Day July 4th
The company SFOX, which provides broker-dealer services to institutional investors, published its latest research on Wednesday, in which it suggested that the price of bitcoin could rise on the US Independence Day, celebrated today, July 4th..
SFOX analysts have watched how the price of bitcoin behaves during the holidays against the backdrop of a bull market. In their opinion, on such days, the level of excitement among investors tends to increase..
“Thanksgiving in 2017 marked the beginning of the rise in bitcoin from the $ 8,000 level to a peak of around $ 20,000 on December 17th. In February 2019, during the two weeks of New Year’s Eve celebrations in China, the bitcoin price climbed 14% from $ 3,419.17 to $ 3,908.97 and peaked at $ 4,027.83 a few days later before falling back to the level. $ 3 750 “, – says the publication.
According to SFOX, the rise in retail investor interest in bitcoin on these days is also confirmed by Google Trends data. This was especially noticeable in the winter of 2017, when the number of searches for the keyword “bitcoin” increased immediately after Christmas and New Years, analysts say..
The authors of the report explain the emergence of this trend by the fact that on holidays families often get together, and new investors have the opportunity to learn about cryptocurrencies from their more enlightened relatives. In addition, in some cases, digital assets are used as gifts..
“When the market is already performing well or improving, the holidays can spark retail investor interest in buying bitcoin and other cryptocurrencies. This is a classic example of FOMO – people buy an asset because they see that its price is growing and want to make money on it, ”adds SFOX.
At the same time, analysts believe that the rate jumps caused by “mass psychology” are usually short-lived, in contrast to the growth observed against the background of fundamental factors..
Note that interest in bitcoin in Google, although it has grown in recent months, is still much lower than the highs of the end of 2017.
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