Bitcoin, at the time of writing, is still performing quite well and is trading for just over $8,700. The currency has experienced a slight drop of less than one percent over the past 24 hours, though it’s still maintaining its present position in the high $8,000 range.
Bitcoin Is a Popular Asset
Naturally, analysts are rushing to the “prediction space,” looking to see what could be responsible for the currency’s sudden surge and to discuss where they think it will wind up by the time 2021 is ready to ring in. Jehan Chu – co-founder of Kenetic Capital, a blockchain startup – has mentioned:
The Iran uncertainty combined with the positive launch of CME Bitcoin Options were strong catalysts driving an eruption in bitcoin and even adding heat to the struggling top 100 alt coins… While sentiment still drives waves of volatility, we are seeing institutional volume anchoring the market.
While this is interesting, it’s also old news at this point. Both items have been covered by Live Bitcoin News, along with other platforms over the past few days, and many are looking for something fresh to put behind bitcoin.
That fresh item may have just arrived. Today, U.S. President Donald Trump is ready to sign the first phase of America’s new trade deal with China. This is a big deal considering west and east have been engaged in a heavy trade war and trade negotiations since the summer of last year.
In August, stocks fell to record lows given how much uncertainty was in the air. Not surprisingly, however, bitcoin was on the ascent considering it’s widely labeled as a “safe haven” during times of economic strife.
Now, the trade deal – not the trade war – is about to hit a peak point. With the initiation of this first phase, several new options are likely to open for both countries and bitcoin, no doubt, will be right there in the middle of it. Both the U.S. and China are popular hotspots for the digital currency despite some rather restrictive legislation set forth by each nation, and it’s likely we’ll witness bitcoin surge even further following this news.
What Will Happen Next?
And, of course, that means many crypto industry experts working to decipher where the coin will go from here. Vijay Ayyar – head of Asia for Luno, a cryptocurrency exchange – says that he sees BTC ending the year at around $15,000 or $16,000, though he’s not sure if such a price has factored in the upcoming halving. He states:
I would conjecture most normal people are unaware of it, and when the price starts running, the masses will come in as we’ve seen before. This is slated to happen in May of 2020, so any price increase as we’re seeing, people have an eye on May for sure.