Cypher
(BTC) Bitcoin News TodayNews

Analyst List Reasons For Bitcoin Bull Run Above $20,000

Regarding everything that has happened since the year began, one positive thing that investors and traders in the crypto market can draw out is that Bitcoin had a good year. The recent bullish run that has stolen all interests and attention in the crypto market has seen Bitcoin move from hitting its previous $19,000 all-time high to move to the uncharted territory of $20,000, hitting several all-time highs in the last few days.

At some point in this year, Bitcoin saw its price trade around the $3500 region as the digital asset saw a 50% decline around March. The digital asset has recorded a price surge of about 500% in the space of 9 months from then till now.

Analyst faults dollar decline as main factor

With Bitcoin suddenly attracting people from all spheres of life, the digital asset is now said to be one of the best investable financial assets in the market. With Bitcoin moving in leaps and bounds, so many people have been forced to question the driving force behind the recent move and why Bitcoin chose this year that the pandemic’s effect riddled its price to make the much-sought profit. The first point of contact is the slow decline in the United States dollars, further confirmed in its 1-Day YTD Chart’s recent readings.

📰 Also read:  Coinbase Warns Against the Growing Hype on AI Tokens

Giving key insights into the details surrounding the slow decline of the United States dollars, the Chief global strategist of investment firm Morgan Stanley, Ruchir Sharma, granted an interview some days ago. In his analysis, Ruchir talked about how the United States dollar has always enjoyed its position as the world’s premier currency and how the United States of America’s government is abusing that privilege. He also talked about how Bitcoin is gradually taking shape and pushing the dollar far down in the pecking order.

American government set to begin payments of $900 million stimulus checks

Sharma also talked about how the United States government thought the dollar would still keep that premier status after printing massive amounts of banknotes in response to the coronavirus pandemic lockdown. With the government printing the digital currency in mass, it has since put enormous pressure on the dollar. Since the government started paying Americans their respective stimulus checks, the dollar has been trading in a decline position, losing against other top currencies across the globe in the process.

Presently, the dollar currency index has since seen a massive decline, hitting a low that was last seen in 2018. This has impacted the rise of Bitcoin considerably as major investors chose to push their funds into Bitcoin, thereby pushing the price of the digital asset high since early April.

📰 Also read:  NFT Pricing Strategy Guide – How To Determine NFT Prices

With another cash injection in sight, Bitcoin has been able to use that to its advantage, pushing into the uncharted $20,000 territory in the crypto market. Presently, talks have been finalized among the lawmakers of the United States of America that they will share the next round of stimulus checks worth $900 million to its citizens.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  FidelityCorp Review – Is Fidelity Corp Scam or Legit? (Complete FidelityCorp.co review)

Cypher

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content