Recently, Live Bitcoin News suggested that the bitcoin price was potentially on the verge of fixing itself. At the time of writing, the world’s number one cryptocurrency by market cap is trading for just under $8,900, meaning it’s added another $400 (roughly) in the past 24 hours.
Bitcoin Is Again Smashing Its Competition
It appears that the fears surrounding the coronavirus and some of the global problems that have haunted our present financial markets are beginning to cease. The Dow Jones has recently added another 650 points to itself in what appears to be a self-correction. It’s been a rough two weeks for bitcoin and stocks alike, but now things appear to be on the right track once again.
According to certain technical indicators, bitcoin is not done with its bullish run, and the currency likely has a lot more room to grow in the coming months. According to the Trading Envelope Indicator, bitcoin “retook its lower power band.” The currency may be testing its upper limits soon, which means it could jump higher than $10,500 in the next few weeks.
The last time this occurred was in December of last year. The currency shot up by more than ten percent, temporarily pushing its lows of November into oblivion. Unfortunately, the asset was not able to keep this momentum up, nor was it able to instill a level of permanence when attempting to reset itself at a higher level. As a result, the currency lost its footing – as well as all its December gains – and ended the year in the low $7,000 range.
Over the last few days, bitcoin’s “safe haven” status has been largely tested by the coronavirus and other global concerns. Many began to think that the currency was not up there with gold, silver or similar assets in that it was not able to retain its bullish trends during the height of the virus fears. Thus, it cannot be considered a “safe haven” just yet given that it still proved too volatile.
So, It’s a Safe Haven After All?
However, some analysts claim this theory is once again being put to work. They believe bitcoin will no doubt prove itself in the coming months as the virus stirs up additional worries, thereby sparking people’s desires to add to their digital wealth. Don Guo, CEO of Broctagon Fintech Group, recently explained in a statement:
Conversations are resurfacing about bitcoin being perceived as a safe haven asset during global instability. You can see why – crypto isn’t bound by international borders or trade relations and, if this continues, we could see the price of bitcoin skyrocket.
At press time, bitcoin’s price is up by nearly five percent since yesterday, though it is still down significantly from its recent 40 percent surge since the beginning of the year.