Timonrosso

$12,889 on the cards for Bitcoin here's why

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We've seen the break above $10,000, the breakout, the re-test and now we are good to go long...

Fundamental reasons:

Reason #1:
Bitcoin seems to be the new age safe haven against the Coronavirus

The Coronavirus virus has already taken over 1,500 lives and has infected over 72,000 people world-wide.

And as the virus continues to spread, investors will remain buying alternative investments like Bitcoin and gold to safe guard their money.

You can almost call Bitcoin the new safe haven, as it has almost no effect on:

• World stock markets
• Regulated banks
• Fuel consumption
• Listed companies

And as you can see, while world markets have been down, Bitcoin has been in demand resulting in its price rise.

Talking about safe havens, this brings us to our next reason we can expect to see Bitcoin going up...

Reason #2:
We are seeing a positive correlation between gold and Bitcoin

According to Arcane Research, one of the largest exclusive research companies on Crypto-currencies, they noted that Bitcoin's correlation with gold is approaching four-year highs (since 2016).

As long as the correlation is strong we'll see Bitcoin go up with gold .

Reason #3:
Bitcoin is the big daddy of the Crypto-currency world

Bitcoin is the undisputed leader of the cryptocurrency market as it currently makes up over 64% of the overall market.

Its current value has a market capitalisation of $178 billion, which is nearly $50 billion more than at the start of 2020.

We can also talk about Bitcoin's accessibility.

You see, unlike all the other alt coins, bitcoin has managed to have reach to different merchants, exchanges, software as well as supporting hardware.

These reasons and more have proven that Bitcoin has a more robust system and has had the biggest advantage as a store of value compared to any other altcoins.

That's why now we're seeing a more stable growth with new investors and whales (big income spenders) piling in…

The main reason, why I have bullish tendencies about Bitcoin's rally, all lie in the charts.



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