Bitcoin ahead of macro assets in 2020
At press time, the pair remained on the rise after seeking new support at $ 6,500 on Monday. At those levels, the pair is only $ 700 below its position in early 2020, and $ 3,800 below its all-time high of around $ 10,300.
Bitcoin has advanced 75% in the two weeks since it hit its quarterly low, in a volatile period, that recovery at one point hitting 90% when markets peaked at more than $ 7,000 on some exchanges.
As such, Bitcoin appears increasingly resilient as an investment option against traditional markets, which continue to lag far behind as a result of the coronavirus. That was despite central bank intervention on a scale never before seen in history, as indicated by Cointelegraph, the US money printing exercise. alone it recreated the country’s 1990 GDP and added it to the dollar reserve.
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The indicator flashes green as the lucrative second quarter approaches. Statistically, the second quarter of any given year tends to be the most profitable for Bitcoin holders. Since 2013, only a second quarter has yielded negative returns, reveals Skew, with average earnings of 65%.
The signs of potential are becoming visible in some indicators. As Bloomberg reported on Tuesday, the Vera GTI Convergence / Divergence Indicator is giving the Bloomberg Galaxy Crypto Index its first “buy” signal in three months.
The mood among analysts is also becoming more optimistic. In his latest forecast on Monday, veteran trader Tone Vays said he no longer expected BTC / USD to find new lows of less than $ 3,700.
In early March, he had warned that Bitcoin could drop to a low of $ 2,800. Even if this still happened, he added, it would not pose a threat as long as it did not occur before halving, the May block halving reward event.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.