Will bitcoin keep going up

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Much prompt rijk worden met bitcoins 2021 opinion

For an asset as big as bitcoin to more than double in the space of three months is quite an achievement but there was a downside. The rise was followed by an inevitable dip, exacerbated by global market concerns about the Omicron variant of Covid Since then, there has been something of a recovery. Earlier in , the markets contracted because people had less money, so there was less to spend on risks such as cryptocurrency.

This, in turn, led to bitcoin taking some quite big losses at the start of the year. Since then, though, Nasdaq has gone back up, which is good news for BTC. Since bitcoin is, in the eyes of the public, so synonymous with crypto that any crypto coin that is not bitcoin is called an altcoin that is, defined by not being bitcoin , any price change to BTC would have an impact on the market in general.

Bitcoin is somewhat ahead of the market in terms of its performance so far, which means that it is entirely possible that other cryptos could end up making further gains in the not too distant future. That is, at this stage, conjecture, so we will have to look at how the market performs in the coming weeks and months to see if that hypothesis holds true. With the intention to become an alternative for banks and financial institutions, Bitcoin first had to overcome a number of scandals.

Frauds, thefts, illegal usage on darknet threw a shadow on its reputation and brought closer regulatory scrutiny. The leading digital coin increased its value by nearly 9 million percent over the past decade. But in times when coronavirus pandemic causes the biggest recession in a century, Bitcoin might act as a more predictable asset. And this is because now there are important fundamentals that drive both the global economy and Bitcoin itself. Positive correlation with traditional markets The dramatic market crash on March 12th impacted cryptocurrency and stock markets around the world.

Both of them experienced historical losses. The crash was mainly caused by the massive sell-offs when traders and investors fell into a panic over the COVID breakout and oil wars between Saudi Arabia and Russia. This means that both categories of assets are dependent and move in tandem with each other.

The fact is not typical for Bitcoin, which always has been perceived as digital gold due to decentralized nature and weak relationships with traditional assets, like stocks. Financial experts claim that correlation is strongest when both markets are falling. Meanwhile, experts predict that as long as the global economic crisis will be affecting both markets, there might be a relatively high correlation between Bitcoin and traditional indexes.

Bull run Bitcoin price forecast So, how does this affect the price of Bitcoin? A recent study from Bloomberg Intelligence confirmed Bitcoin is in the gold-like transition process. This means that the crypto coin, often called digital gold, becomes more immune to negative market shock. This year will confirm Bitcoin's transition from a risk-on speculative asset to the crypto market's version of gold. Meanwhile, Bitcoin appears to be marking time before following the gold bull market.

Having in mind a positive correlation, this is a good sign for Bitcoin price prediction because of one important reason. The unprecedented US monetary stimulus, that is the big step for the recovery and new highs of the gold price. The effect of Bitcoin futures Speaking about the maturing of Bitcoin, correlation is not the only factor. The Bitcoin stepped into the derivative markets as its futures contracts became available on cryptocurrency exchanges at the end of Bitcoin futures — or futures contracts — is a legal agreement to buy or sell a Bitcoin at a predetermined price at a specified time in the future.

The technique helps to hedge positions and reduce the risk. The fact of institutional trust automatically represents the taming of the highly speculative bull market. Increasing futures open interest, declining volatility and relative outperformance despite the stock-market shakeout indicates Bitcoin is maturing from a speculative crypto asset toward a digital version of gold.