Bullish support from market experts and analysts

Vays’ positive sentiment regarding the price of Bitcoin is not an uncommon viewpoint. Other analysts are considering numerous aspects at the present time, looking at both market trends and external factors in the economy and the global market, and are pointing to a possible rally.  PlanB, a pseudonymous analyst, thinks that it “is time to go up” for the price of Bitcoin given the trends the cryptocurrency has been displaying.

Bloomberg Intelligence’s Mike McGlone commented on the price of safe-haven assets like Bitcoin and gold, looking at the dip of the value of the dollar. Typically, as the health of the financial economy in the fiat currencies (especially the dollar) declines, the safe-haven assets become more enticing for traders and investors. As a result of a break-in supply-chain, shut down industries, and a struggling global economy because of the global pandemic, Bitcoin has become a popular alternative asset to hedge against falling prices. Gold, which has already been enjoying healthy gains over the past year, is continuing to strengthen.

If the price of Bitcoin can continue to see maintained support, coupled with healthy growth of the price of the cryptocurrency and if no bearish movements step in to rattle the positive sentiment, it is very possible that a bull rally is close on the way. Should this happen, we could be looking at the next record high, sending Bitcoin to prices higher than that of the rally in 2017.