Bitcoin is continuing to surge and has surpassed the $9,300 mark in another big jump.
Bitcoin Is Surging to November Numbers
Many are wondering if $10,000 is around the corner. According to some analysts, the answer is “yes.” Bitcoin and gold are continuing their incessant jumps and don’t appear to be stopping anytime soon, and some argue that the currency could hit the five-figure range in the immediate future.
Bitcoin and the other largest crypto assets are surging this week, moving within touching distance of three-month highs this morning as investors look to alternatives to equities. Having rallied over 12 percent in three days, [bitcoin] hit a peak of $9,389 overnight, its highest level since early November when it nudged over $9,400. This could prove to be the next significant hurdle of resistance, although if we do see a pullback, seeing the price make another higher low and maintain the 2020 uptrend will be encouraging for the bulls.
During the final months of 2019, the bears appeared to be overtaking the crypto space, but this – according to crypto trader Peter Brandt – allowed the bulls to rebuild their strength and their strategies, which has allowed them to return in full force during the opening segments of 2020.
[Bitcoin bears] all now want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom, and during that bottom, I think you had a lot of people accumulate with strong hands.
Mati Greenspan – the founder of analytics firm Quantum Economics – stated that while bitcoin hasn’t quite reached the “safe haven” level of gold yet, he thinks it could happen sooner than we might anticipate. He states:
There does seem to be a lingering sensation that bitcoin may be transitioning into a traditional safe-haven asset. [Bitcoin] doesn’t seem like it’s quite there just yet, but there are clear indications that it’s at least moving in this direction.
In the meantime, there are still a lot of crypto fans out there who are pushing the halving, expected to occur this coming May. While there are arguments against the halving possessing any serious influence, several still claim that bitcoin is likely to experience solid gains once the event has occurred.
Can the Halving Inspire People?
Vijay Ayyar – head of business at Luno Asia – thinks the halving will have an effect in that it will inspire many new people to get involved in crypto. He mentions:
I would conjecture most normal people are unaware of [bitcoin], and when the price starts running, the masses will come in as we’ve seen before. This is slated to happen in May 2020, so any price increase as we’re seeing, people have an eye on May for sure.