Bitcoin has undergone a strong rally over the past two weeks. Since the news broke that OKEx has restricted withdrawals, the cryptocurrency has gained approximately 25%, recently peaking at $14,100 on Saturday morning.
Analysts say that BTC’s price action has been surprising, namely because there is much uncertainty in the markets.
Bitcoin’s Resilience In Face of Uncertainty is Bullish
For one, the stock market has begun to record a series of red days as the pandemic continues to sweep the globe, resulting in a second-wave of lockdowns.
Qiao Wang, a prominent industry analyst, says that Bitcoin’s strength in the face of this is the sign of a bull market. He commented the following on the matter on October 30th:
Earlier this year, when the stock market went red, Bitcoin would plunge. The fact that the cryptocurrency has been holding up well and has even rallied in the face of this is a sign that there is an underlying bid in this market.
This may be from institutional players, who analysts say are accumulating Bitcoin en-masse.
Fundamentals Support Upward Price Action
The reason why there may be an underlying bid in the Bitcoin market is due to strong fundamental trends.
Prominent macro investor Raoul Pal, who formerly worked for Goldman Sachs in an executive capacity, recently said:
Paul Tudor Jones, a billionaire Wall Street investor, is also bullish on Bitcoin. The investor recently told CNBC that investing in BTC now is like investing early in Apple or Google.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Shrugging Off Stimulus and Election Fears is a Sign of a Bull Market
Originally from Bitcoinist.com https://ift.tt/3oNwiia
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