The crypto market has in the last few hours been surging. Bitcoin after starting the days moderated has begun pumping big. In a few minutes, the digital asset has added over 14%. This has seen Bitcoin above $6,000.
This is a key short term psychological position. Further upwards is a key position in play Bitcoin above $6K, followed by above 6.5K. Once $6.5K is achieved, we could see full-blown FOMO and investors flocking.
Notably, Bitcoin is pumping while the rest of traditional markets, including equities and stocks, continue to plummet.
This has been an indication that the recent correlation between Bitcoin and traditional assets is coming to an end.
In the last few weeks, this correlation has led many to believe that Bitcoin is not a safe haven.
In the face of the COVID-19 epidemic, the financial world has been taking a thrashing and many expected Bitcoin to be a safe haven. But as seen through the dip from the world’s oldest safe haven, gold, the world of finance has become unpredictable.
Bitcoin Above $6K, Headed To $7K In Two Weeks
One analyst believes that the road back up will see Bitcoin reach $7K by April. Anondran, a popular analyst and Bitcoin evangelist predicts that Bitcoin if all things remain subtle, will reach over $7K.
Of course, as we reported, this is not time to trust charts. Analysts have pointed out that with an epidemic and a recession, we are in unchartered water. bitcoin’s movement is early unpredictable.
One of the key movements that were not predicted was the recent correlation which means that Bitcoin was losing in tandem with traditional markets. As a result, Bitcoin lost more than 60% of its all-year high in the last two weeks.
Altcoins are also surging with a majority recording 5% to 20% price surge from the last 24 hours. So is this is it?
The crypto community is optimistic that last week’s bloodbath saw the market record its bottom and the only way now is up.
Now that Bitcoin is breaking away, many expect that it will forge its own way and act the safe haven it was created and anticipated to be.
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