Bitcoin’s starting the week on the right foot after its worst week since November. Now, a number of technical indicators are signalling the potential rally may have further room to run.
The largest cryptocurrency is coming off its worst week since Nov 24, having dropped almost 14 per cent through Friday. Arguments that the largest digital token acts as a place of shelter during market turmoil diminished last week as Bitcoin slumped amid an intense bout of equity-market selling. Still, many investors are betting it will continue to recover as the coronavirus starts to impact global growth prospects.
“Conversations are resurfacing about Bitcoin being perceived as a safe haven asset during global instability,” said Don Guo, chief executive officer of Broctagon Fintech Group.
“You can see why – crypto isn’t bound by international borders or trade relations and, if this continues, we could not only see the price of Bitcoin skyrocket.”
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