BTL Group’s stock price is on the again, and is doing so in a very strong fashion. Interestingly this happens on no “apparent news”, major sites like Bloomberg or Yahoo! do not have any company news update. Given the strong rally on rising volume we believe BTL Group’s stock price could be about to test its former highs at 7 CAD. It seems investors get another confirmation to the question we answered a while back whether BTL Group is a stock to buy.
We wrote last week after researching BTL Group’s financial results that the company “arrived at a critical juncture in their technology evolution. The market wants to see promising results of their technological product. That is what we read not only in the documentation of the company but also in the chart.” Source: BTL Group Publishes Financial Results: Revenue Down, Assets Up, Cash Need
Although BTL Group will run out of time in 2018 we said that it probably would not have any problem raising additional capital. That is of course because Blockchain is a technology that is in an incredible bull market. Read: Investment Guide For The Mega Bull Market In Cryptocurrencies, Tokens, ICOs and Blockchain Stocks.
That incredible growth potential became apparent again today in a blockchain market research that was published on Bloomberg (emphasis ours):
The market for Blockchain in North America is estimated to reach $2,660.9 Million by 2023, and is expected to grow at a CAGR of 49.31 % during the forecast period from 2017 to 2023.
It seems that the market continues to love BTL’s growth story.
Interestingly, with the recent rally in BTL Group’s stock price we start seeing a new pattern: a series of higher trading ranges (see the dotted lines on the chart). The fact that volume keeps on rising, on no apparent news, after hitting major support, is a greatly bullish sign. That underpins the idea of a test of previous highs. That would suggest a higher range could be setting up in 2018, and that would bring BTL Group’s stock price to 9 dollars.
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