Blockchain stock BTL Group, symbol BTL.V, gained 65 percent in just one week time. The stock is going through an explosive rally, and, interestingly, trading volume is picking up on the rally. That is a bullish cocktail.
Blockchain is one of the technologies that is really disrupting the financial world. InvestingHaven’s research team strongly believes that this technology is breaking through right now, and will grow tremendously in the coming years, similar to how the internet grew between 1995 and 2010.
BTL Group uses blockchain technology in a platform called Interbit to automate all steps and processes when sending money through cross border networks of financial institutions. Through the smart contract technology Interbit is able to drastically reduce time and cost to send money through financial networks. While, in the past, we were used as consumers to wait some 3 days for cross border payments, things will be truly different in the future (think of hours instead of days for the same type of payments).
There is a difference between public and private blockchain applications. BTL Group offers both services: ublic ethereum blockchain based applications as well as enterprise based public blockchain. Note, in this context, how this bullish technology outlook is very much linked to our bullish ethereum forecast which we published earlier this week.
The management of BTL Group: “We believe that enabling key clients to build on Interbit will create a growing pipeline of new business for BTL. Having successfully raised CAD$3,105,000 during our latest fundraise completed in April 2017, we have the ability to ramp up our technical resources and expand our teams in both Canada and the UK. By adding the right people to our highly experienced blockchain technology team, our aim is that BTL and our Interbit platform will become a leading technology solutions provider,” added Guy Halford-Thompson. The video gives a high level overview of the company’s activities:
Back to the stock price of blockchain stock BTL.V.
Last week, we wrote How Low Will BTL Group’s Stock Price Fall. We identified the $2.75 level as the potential bottom given the trend channel colored purple on below chart. That appeared to be a spot-on call. BTL’s stock price is 65 percent higher in a week time.
As trading volume is picking up we believe that it suggests higher prices are coming. Given the trend channel which seems to be in play there is a fair chance that resistance at $9 could be tested later this year.
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