Bitcoin Haters Keep Calling Crypto Dead - It's Really Stronger Than Ever

🚀— Pomp 🌪 (@APompliano) February 12, 2019Institutional adoption of cryptocurrencies arrived faster than the expectations of existing investors in the sector.Shortly after that, Julius Baer, one of the largest private banks in Switzerland, provided its clients access to cryptocurrencies, Nasdaq launched Bitcoin and Ethereum indices, and Fidelity announced the creation of a cryptocurrency custodial service.“At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio,” Peter Gerlach, Head Markets at Julius Baer and proposed member to the Board of Directors of SEBA said.As CCN reported, Singapore’s sovereign wealth fund GIC invested in Coinbase in late 2018, a move that could fuel the confidence of investors in the long-term growth of the cryptocurrency sector.The concern of skeptics towards the state of BItcoin following a major correction has always been the lack of liquidity and activity in the cryptocurrency market.As of March 2, the daily volume of the cryptocurrency exchange market is estimated to be around $24 billion, and the over-the-counter (OTC) market of digital assets is said to be at least twice larger than the volume of the exchange market.With the momentum Bitcoin gained after recording its first green monthly candle in over eight months since July 2018, which refers to a net gain in value in a 30-day span, analysts foresee the asset class initiating a steady recovery in the months to come.$BTC Monthly ChartAll I have to say is that the previous "bullish engulfing" candle set up a perfect ramp leading to the current bullish monthly candle pic.twitter.com/u16Mci5MCN— Josh Rager 📈 (@Josh_Rager) March 2, 2019In the short-term, traders generally expect Bitcoin to retain its low volatility in a tight price range.If the flagship cryptocurrency can cleanly break out of key resistance levels including $4,000 and $4,200 which it previously struggled to breach, the asset could gain new momentum to initiate an accumulation phase.Market analyst David Puell said that $4,200 is an important level for Bitcoin as it presents the average price of acquisition by the market.$BTC: Current state of price models:1/$4,200: Realized price is the average of what the market paid for their coins.