Bitcoin has been under a lot of pressure recently as its nears its May 2020 halving date. The odds for a lighting Bitcoin surge are growing in the cryptocurrency news today, and many people are wondering if the BTC price has an upwards potential.
There is no doubt that this major coin has been severely affected by the coronavirus crisis and the outbreak of COVID-19. However, things are looking good lately and crypto assets are growing.
With the total cryptocurrency market cap going above $200 billion a couple of days ago, the market stabilized and when compared to the crash which transpired in March, there is a handful of tokens which posted 100% gains ever since then.
The odds for a lighting Bitcoin surge in the days to come are very big from what we can see today. At press time, we can finally see some progress as BTC goes near $7,950 and is preparing to make a move above $8,000. According to one analyst named Kelvin Koh (who is also a former Goldman Sachs partner), the ongoing crisis will only increase the odds that BTC experiences “another exponential price spike.”
1/ It is quite clear now that governments have done what they can to flatten the C-19 curve and soften the economic pain of lockdowns with extraordinary stimulus measures. With the global economy reeling and job losses mounting, there is little political will to extend lockdowns.
— SpartanBlack (@SpartanBlack_1) April 29, 2020
What is very interesting is the fact that businesses based on offering digital goods and services have emerged as winners amid this outbreak. As airlines, restaurants and many other industries sunk, technology companies have emerged as decisive winners.
A perfect case related to this is Amazon, whose stock established an all-time high during the pandemic – and in times when the International Monetary Fund (IMF) considers to be the worst economic downturn since the Great Depression. But what are the odds for a lighting Bitcoin rally?
The outperformance of digital businesses amid this crisis is big. As Kelvin Koh wrote recently, this is a factor that is only going to improve the prospects of Bitcoin and crypto-based technologies moving forward.
Koh also remarked that the odds for a Bitcoin rally are good from what he can see in the Bitcoin news now. He also said that “some of the trillions of dollars of stimulus from central banks will inevitably flow into crypto assets.” The goal now is to not get left behind, as he explained:
“The steady cash inflow into crypto exchanges and growing cash balances is the clearest signal of this bullish appetite. It’s hard to time markets perfectly, especially for crypto. When crypto prices move, they move quickly. Don’t get left behind.”
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