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.
S2F version 1 update. This is the 2019 time series model on historical BTC data only (no gold, silver, diamonds, real estate data used). You see the jump in model value at the halving (white line) and corresponding drop in S2F multiple / model error (white dots). Time to go up. pic.twitter.com/qIjiXfbmCx
— PlanB (@100trillionUSD) September 14, 2020
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.
Rising gold prices, despite declining managed-money net-longs #hedgefunds and an advancing dollar, are a sign of the strengthening foundation under the metal. Less speculation vs. more organic demand forces are at play for the store of value, which indicates a healthy bull market pic.twitter.com/Pd6B9h6vw3
— Mike McGlone (@mikemcglone11) September 14, 2020
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.