Bitcoin Price Continue to Rise Despite COVID-19 Indicates Strong Bull Run

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Bitcoin prices have continued to elevate, a trend which suggests the cryptocurrency’s entry into a strong bull run.
  • Bitcoin had a rough hit during the initial stages of the Corona pandemic, the situation took a sharp turn very soon.
  • In addition to that, crypto-analysts has observed a variation signal, which has resulted in positive signs in the previous instances.
  • It also needs to be emphasized that the present event has coincided with the impending halving in May, reducing the bitcoin supply entering the market.

Bitcoin prices have continued to elevate, a trend which suggests the cryptocurrency’s entry into a strong bull run. Bitcoin was trading at $8,800 as of 9:30 p.m. EDT. Although it a level considered to be down over the last 24 hours as a consequence of investors’ profit redemption. Yet it is still well up on prices below $8,000 a week ago. Ultimately Bitcoin is now up to some 135% since a low of $3,850 from the March 12 data.

However, there are several factors behind such a high-performance rate. Though  Bitcoin had a rough hit during the initial stages of the Corona pandemic, the situation took a sharp turn very soon. Also, the upcoming bitcoin “halving” is likely to play a role as well.

Precedential Factors for Bitcoin Price

In addition to that, crypto-analysts has observed a variation signal, which has resulted in positive signs in the previous instances. Such a signal was spotted during the last five years in six cases, which resulted in a positive elevation. The signal is a parabolic stop-and-run reversal indicator. Enhancing the signal by utilizing Fibonacci retracement levels indicates it will set to rally in a trend similar to that in 2015. As it was the period BTC rose by 10,000%.

However, a set of other analysts have contrary opinions on the same. Some believe that the bitcoin price will pass $10,000 before halving without making any bold predictions for the future. Meanwhile, few others claim that the government stimulus packages certainly have a role in this bull run for digital assets. To be precise, the printing of money to deal with the crisis lowers the perceived value of fiat currencies. As a consequence, with flat repo rates, savings become an unviable way to generate returns.

A better opportunity for investors

As the lockdown continues, assets like equities are the risk spots for investors. It is thus driving them towards other viable opportunities. This is where Bitcoin plays its role as no Government regulates this Digital asset. Hence not making it subject to inflation, making it a viable option for the investors in such an unpredictable market.

Perfect timing

Bringing to notice the timing, the present event has coincided with the impending halving in May, reducing the bitcoin supply entering the market. Such an event will impact not only the bitcoin price levels but also the demand of the cryptocurrency. This is thereby an inevitable consequence boosted up by media attention and other positive factors.

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