According to the latest data, the BTC price has dropped by 1.1% and is trading at $10,200. The market cap has also changed and reached $189.72 billion.
Blockroot’s founder and prominent Bitcoin trader, Josh Rager, tweeted that BTC would not enter bullish territory again until Bitcoin closes more than $11,400 on the daily chart. The sideways movement, as well as the lack of new customers, show that there is a possibility of decreasing BTC prince below $10,000.
For some analysts, it’s uncertain a common consensus on the direct Bitcoin will take next. Bitcoin trader, Byzantine General, is also cautious. Bitcoin shows a short correlation under the $10,000 mark and targets the $11,000 mark.
BTC and gold have the highest correlations
According to some experts, this is the time of ongoing consolidation, traders being kicked out of the market. As reported by Bloomberg, Bitcoin and the yellow metal have the highest correlation since records in 2010.
According to Bloomberg’s new report, Bitcoin and gold have the highest correlation since records in 2010.
Since March to today, prices of gold have increased sharply. Mike McGlone, Bloomberg analysts, says that current developments show that BTc will remain more than $10,000 and gold more than $1,900.
McGlone says that current economic developments are putting pressure on governments throughout the world, and vast amounts of fresh fiat money are being printed. Ventures are increasingly indicating a trend to invest in alternative assets such as Bitcoin to protect their capital from further increasing inflation. This could also be another catalyst for a rising Bitcoin price in the following weeks.
As we know, the Covid-19 pandemic has been an essential contributor to the adaption of cryptocurrencies. On Thursday, at online conference, Christine Lagarde noted said that consumers are using digital currencies faster than they thought. Coronavirus has been a key catalyst for this development.
