Bitcoin Rally Continues, Price Exceeds $ 8K

Bitcoin Rally Continues, Price Exceeds $ 8K

Bitcoin Rally Continues, Price Exceeds $ 8K

It is not known how, if or when Iran will respond, but retaliation is doubtful until after the three days of mourning.

"Gold prices will keep climbing in 2020 and so should Bitcoin", said the senior analyst. The analyst added, nevertheless, bitcoin is likely going to migrate towards its 2019 high close to $14,000, but won't maintain that level for long. That is the opinion of Nigel Green, the chief executive and founder of deVere Group, one of the world's largest independent financial services and advisory organisations.

Crypto-enthusiasts were bullish about the recent week's bitcoin price bounce from $6,854, we've been one among them on trading grounds via CME BTC Futures because of couple of technical bullish driving forces. For cryptoasset to appreciate in the future, he wrote, the rapidly rising supply of new coins will need to drop, as a year ago a total of 3,000 new cryptocurrencies entered the market.

That could well be one of the bigger reasons behind the rally in the world's biggest cryptocurrency, but at the same time, it could also be said that the geopolitical stars have aligned for Bitcoin. Back in August it increased as global stocks were shaken by the devaluation of China's yuan during the trade war with the United States.

"Bitcoin is living up to its reputation as "digital gold". Bitcoin - which shares gold's characteristics of being a store of value and scarcity and of being perceived as being resistant to inflation - could potentially dethrone gold in the future as the world becomes increasingly digitalized".

As geopolitical tensions heighten, which usually rocks traditional markets, it can be assumed that an increasing number of investors will make the decision to boost their exposure to decentralized digital currencies, such as bitcoin, in order to safeguard themselves from the unrest.

It's no secret that Bitcoin (BTC) was the best performing asset of the last decade, clocking returns of such a great magnitude that early investors could essentially turn pocket change into millions of dollars.

Others include Scott Freeman, Kyle Samani, Eric Turner, who think that Bitcoin's halving effect is already priced in the market and therefore isn't likely to have much effect on the crypto's price when it finally happens.

As is known, this year is very important for Bitcoin.

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