Bitcoin Price Hits $6,900, Crypto Market all Green. What’s next?

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Yesterday evening Bitcoin rose again on the chart and cost USD 6,000. Today its exchange rate is above $6,800. Is this just a rebound in decline or are we going back to a bull market?

Bitcoin never ceases to surprise us. Just a few years ago, when almost nobody talked about BTC as a safe haven, cryptocurrency was considered a very unpredictable asset. Still, it remains an unpredictable asset.

However, we can say that over the years the situation has improved and BTC has probably become more predictable. Not only this, but people also calling bitcoin a safe haven.

Then came the coronavirus crisis. Bitcoin and cryptocurrencies have lost value. Now the first wave of panic has passed. Gold reflected, as did silver. And … well, now also cryptocurrencies.

At the time of writing, you will pay $6880 for 1 BTC. Ether increased to USD 150, XRP to USD 0.174. We are talking about price increases by more than 20 percent just in the last 24 hours.

But what will happen next?  Are we going to rally to higher levels or this was just a fake bounce and the price will continue going down until it finds a bottom?

What’s happening in the markets?
Is what we see now the result of central banks’ decisions? These jointly and severally started the policy of cutting interest rates. So did some investors think that cryptocurrencies could be a good shelter for the next few months?

Maybe this is the effect of the unlimited liquidity that central banks are injecting into the economy

Or maybe the institutional investors that dumped the price by 50% the past week have just returned and are buying their stash of bitcoin and cryptocurrency again pumping it to new highs before the next dump.

 

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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