Bitcoin Soars Past $8,200 and Climbing
Bitcoin (BTC) has been off to a roaring start to the year 2020 and has already seen more a gain of approximately 16% since the closing of 2019 at $7,208. Thus far, it has breached the original forecast of $8,200 as predicted in an article by Cointelegraph. At the time of writing, the price of BTC has surpassed the original forecast and is currently hovering in the price range of $8,400.
Many believe that the surging BTC is due to the recent reports of Iranian missile strikes in Iraq, attacking US bases. Joshua Green, the head of trading in cryptocurrency trading firm Digital Asset Capital Management, stated that the Iranian missile strikes are the cause of the recent price surge while adding on that the price of oil and gold concurrently.
On top of that, CCN also released an article with opinions of other prominent crypto analysts who had previously stated that BTC’s price would go up after bottoming in December at approximately $6477. Faisal Hohail predicts that BTC would continue trading between the $7,000 and $12,000 range before the halving later this year. The bullish Bitcoin run is also supported by Majin, another crypto analyst that took his thoughts to Twitter, saying that after several months of uncertainty, BTC will leave the $7,000 range.
Adding on to all these macro factors, BTC hashrate has reached an all-time high of 119 exahashes per second at the start of 2020. This further emphasised the strength of Bitcoin’s network as the hash rate is the measure of computational power processing BTC transactions. Having a strong and stable network would provide the market further confidence to rely on the coin, allowing more people to invest.
With various factors in play, the common denominator would be the surging Bitcoin price in the current market conditions, making it a very interesting time to trade the cryptocurrency markets.
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