Bitcoin’s $10,000 Breakout Backed by Investor Activity, Analyst Says On-Chain Trend ‘Mega Bullish’

  • “So it begins,” as Bitcoin breaches $10k, now “let’s take the staircase up to $20k”
  • As fear over coronavirus perpetuate, stock market dropped after hitting a new high this week while gold has slowed down
  • Bitcoin price meanwhile expected to range till Q2 while the digital asset being digital gold and a store of value narratives gain momentum

For the first time, since October Bitcoin has surged back above $10,000. As we make it to five figures yet again, the community is elated of this important psychological level that the world’s leading cryptocurrency broke last night surging about 40% so far this year.

Currently, we are trading at $10,130 and went as high as $10,178, a level that was last seen in late September.

“So it begins,” reacted popular analyst PlanB overreaching this level while BitMEX CEO Arthur Hayes is now counting down for a new all-time high.

“Nothing can stop me, I’m all the way up! Slow and steady wins the race. Let’s take the staircase up to bitcoin $20k,” said Hayes.

Stock market and gold reacts on coronavirus

The move came amidst the stocks rising to all-time highs on Thursday on strong corporate earnings and solid economic data while concerns over the coronavirus perpetuate.

This led to stocks sliding on Friday but posting their biggest weekly gains in months. But things could go worse in the weeks ahead as shuttered stores and empty streets because of coronavirus takes a toll on global retailers.

“Markets should take a hit when economic data for February start coming out, as numbers undershoot revised consensus forecasts,” says economist and trader Alex Kruger.

Also, Federal Reserve Chairman Jerome Powell will testify before the congressional committees next week.

Gold slid down on positive jobs report reinforcing the optimism over the US economy but the traditional safe haven remains supported by coronavirus fears and a possible global growth slowdown.

“That should keep people using gold as a safe haven,” said Phil Flynn, a senior market analyst at Price Futures Group while Jim Wyckoff, senior technical analyst with Kitco says,

“The gold market has shown keen resilience recently in the face of a rallying competing asset class – equities.”