US-China trade war could be a major catapult for the bitcoin price despite the recent price pullback according to crypto analyst Oliver Isaacs. We read more about the analysis in the coming altcoin news below.
According to Oliver Isaacs, the price of the number one cryptocurrency could reach up to $25,000 by year-end as a result of the US-China trade war. This year was a great one for bitcoin despite the latest pullback which brought the price below the $8,000 price level. The cryptocurrency is still making an increase of around 112% since the beginning of the year.
Isaacs believes that Bitcoin has to potential to reach the $25,000 price point by the end of 2019 mainly because of few drivers that will lead the price including geopolitical, regulatory and technological factors. He noted:
‘’There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the US and China has led to a sudden interest in bitcoin as a hedge on investments.’’
According to him, many investors will be looking at Bitcoin as a safe haven and will buy it but also there are signs of increased adoption for the cryptocurrency. Over the past couple of months, there was an influx of retailers such as Gamestop, Whole Foods and Barns, and Noble that started accepting bitcoin and cryptocurrencies.
On the other hand, the Chief Investment Officer at Bleakly Advisory Group Peter Boockvar outlined that the increase in the price of Bitcoin this year coincides with a couple of major performances on the traditional market amid growing fears and pressures that come out from the US-China trade war.
As it was explained in the latest cryptocurrency news, investors are considering bitcoin as a safe haven in the tumultuous traditional market. Bitcoin even won the trade war according to other analysts since it managed to stay afloat and not crash.
A very important sign that the Bitcoin price is doing well is the increase after the 95 percent crash and the outperforming of the S&P 500 index throughout the past nine years. It is also less risky and more profitable.
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