bitcoin

Bitcoin And Gold Suddenly Soar—Is $10,000 Bitcoin Back? – Forbes


Bitcoin has soared over the last 24-hour trading period, adding some 4% to climb well above the psychological $9,000 per bitcoin mark and is fast approaching $10,000—a level not seen since late September last year.

Meanwhile, the gold price, a so-called safe haven asset that bitcoin has moved in tandem with in recent weeks, has also climbed as investors fret over the spreading coronavirus.

Some bitcoin and crypto analysts have pointed to geopolitical uncertainty being the cause for bitcoin’s latest move higher, though others are unwilling to classify bitcoin as a safe-haven just yet.

“There does seem to be a lingering sensation that bitcoin may be transitioning into a traditional safe haven asset,” added Mati Greenspan, the founder of analysis group Quantum Economics. “[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.”

The bitcoin price defied market watchers over the Lunar New Year weekend after some suggested bitcoin trading volumes were set to “nose dive.”

“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,” said Adam Vettese, market analyst at brokerage eToro, in a note earlier today.

“Having rallied over 12% 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 bulls.”

Bitcoin bulls have been out in force over the last few weeks, with many hoping calendar highlights including May’s bitcoin halving and hotly-anticipated upgrades to the bitcoin network could send bitcoin back to its all-time highs this year.

“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,” Luno Asia head of business Vijay Ayyar told CNBC earlier this month.

“This is slated to happen in May 2020. So any price increase as we’re seeing, people have an eye on May for sure,” Ayyar said, adding he sees bitcoin hitting $16,000 by the end of the year.

Meanwhile, others have bravely called the bottom of the market—suggesting we could be at the beginning of bitcoin’s next great leap higher.

“[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,” veteran trader Peter Brandt told bitcoin and crypto news site Cointelegraph last week.



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