This is a three-week high, and from a technical perspective the dominant cryptocurrency looks set to test the long-term inflection point of 12,000USD.
Most importantly Bitcoin (BTC) is up 85% since it dipped below $6000 on February 6th and created a “V” shape rally, however most observers believe that this is still a bear market.
If bitcoin however can break 12k and beyond, it might be a strong signal that the bear market is over.
Historical data shows that the average bitcoin bear markets last 71 days. We are now at the 66th day of the decline since it started on 17th December, which might be a coincidence, or it might show that the bitcoin cycles might be more rhythmic than many realise.
The Belgian deputy Prime Minister Alexander De Croo is leading the bull market conversation. De Croo is pushing for a future Europe that is supported by blockchain technology and hopefully in eyes headquartered in Belgium. Alexander De Croo said by 2020 the country plans to be ranked in the digital top three in the European Digital Economy and Society Index, become home to 1,000 new startups and create 50,000 new jobs.
The deputy Prime Minister of Belgium met with VeChain (VEN) on the 12th of February to discuss how VeChain could help Belgium reach the goals of its digital economy initiatives.
Details of the meeting are scarce, however both parties have publically stated on Twitter that it was a success. It may be that VeChain is planning to build a blockchain product for the Belgian government, just as they created a third-party service for PWC.
Meetings such as these are only a good thing as the market recovers from regulatory fears in both Korea and India in recent times.
Like most people I believe that the sooner we have global clarity on crypto regulations, then the market can truly begin to mature and thrive. We are a long way from this point; however, the global conversation is being added to daily which is at the very least a very important first step to this goal.
The conversation may happen sooner rather than later if bitcoin again smashes through the $12,000USD barrier.