Bitcoin bulls are happy this morning, seeing the cryptocurrency spiked to around $11,700 after hovering around $10,000 last week.
Even after Bitcoin sunk from a spike around $14,000 back down to that psychological $10,000 level, analysts were citing strong fundamentals, institutional buy-in, and the desirability of Bitcoin as a kind of “digital gold” as US/China conflicts shake up markets.
There’s a kind of widespread consensus that as the “regular” markets sour (partially based on new consumer price activity due to tariffs) items like Bitcoin (and physical gold) are going to get more popular, at least in the short term.
Now, traders have something a little bit more concrete to go on as, in the words of William Suberg reporting today, traders were “shaking off bearish sentiment to predict fresh highs and continued bullish signs from Bitcoin.”
“Fears the United States had again heightened the ongoing trade war with Beijing piled extra pressure on China’s currency, which at press time traded at a low not seen in around a decade,” Suberg writes. “That specific political turmoil, … appeared to be the catalyst spurring on both Bitcoin and gold. As Cointelegraph reported, political events have impacted Bitcoin markets noticeably this year, with issues such as regulatory scrutiny in the U.S. weighing on sentiment in July.”
Suberg notes a lack of corresponding rise in many of the altcoins that were so popular in past seasons – if last year was “altcoin spring,” it’s now “altcoin winter” with BTC a dominant aspect of the crypto market.
Then there’s enthusiasm from the commentariat, as the first of two comments posted on Suberg’s story reads like this:
“Will hit $15k before weekend!” writes Aston Bright, assumedly of BTC.
The response? One word from poster Nik Werden: “nope.”
This back and forth maybe sums up what traders are thinking on BTC right now – either you think it will spike further, or you see a correction in the cards. Make your case and invest accordingly.
