{"id":416862,"date":"2020-03-04T12:19:12","date_gmt":"2020-03-04T12:19:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=416862"},"modified":"2024-06-11T13:42:51","modified_gmt":"2024-06-11T13:42:51","slug":"rocket-fuel-catalysts-can-boost-bitcoin-in-short-term-analysts-say","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/rocket-fuel-catalysts-can-boost-bitcoin-in-short-term-analysts-say\/","title":{"rendered":"&#8220;Rocket Fuel&#8221; Catalysts Can Boost Bitcoin in Short-Term, Analysts Say"},"content":{"rendered":"<p>Bitcoin plunged on Tuesday, dropping by $157, to circa $8,757. But there could be profits as more traders view the benchmark cryptocurrency as safety against ultralow interest rates, according to popular market analyst\u00a0Ivan\u00a0Liljeqvist.<\/p>\n<p>The Stockholm-based blockchain influencer <a href=\"https:\/\/www.youtube.com\/watch?v=ylsULEp3haY\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">said<\/a> the central banks are blowing the global economy unsustainably via artificial money printing and unnecessary rate cut programs. He called their attempts to safeguard the economy since the 2008 financial crisis &#8220;desperate,&#8221; adding that it would serve as &#8220;rocket fuel&#8221; for bitcoin.<\/p>\n<blockquote><p>&#8220;[Central banks] really don&#8217;t have a lot of tools in the toolbox,&#8221; remarked Mr. Liljeqvist about the <a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/dow-closes-nearly-800-points-lower-despite-surprise-fed-rate-cut\/ar-BB10BvPg?fbclid=IwAR01ZAzPIezJX9UsurPUbMj7R0NYnxGo_QTVETWwgCs0bsUGIuhAtQQpNv8\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Federal Reserve&#8217;s surprise move Tuesday to cut its benchmark lending rate by 0.5 percentage point<\/a>. &#8220;The madness we are seeing in traditional markets is why bitcoin has risen by nine-thousand percent during the last decade.&#8221;<\/p><\/blockquote>\n<h2>Bitcoin Above Key Resistance<\/h2>\n<p>The top cryptocurrency <a href=\"https:\/\/uniquehot.com\/2020\/03\/03\/bitcoin-to-form-death-cross-for-first-time-since-sept-2019-severe-correction-imminent\/\">registered its worst week<\/a> since Nov 24, having declined by almost 14.5 percent until Sunday. Speculations that it behaved as a safe-haven asset during the times of economic slowdowns shattered last week when it plunged in tandem with stock markets.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/2020\/03\/03\/feds-surprise-rate-cut-led-bitcoin-to-surge-and-it-crashed-minutes-later\/\">Bitcoin opened this week on a positive note<\/a> as traders assessed the possibility of a cushion rate cut and similar easing resolutions from global central banks. On Monday, the cryptocurrency proactively logged its biggest daily gain since Feb 18, rising 4.61 percent. Nevertheless, it failed to sustain those upsides later in the week.<\/p>\n<figure id=\"attachment_416879\" aria-describedby=\"caption-attachment-416879\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/bitcoin-price-04032020-1.png\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-416879 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/bitcoin-price-04032020-1.png?resize=860%2C509\" alt=\"bitcoin, cryptocurrency, crypto\" width=\"860\" height=\"509\"><\/a><figcaption id=\"caption-attachment-416879\" class=\"wp-caption-text\">BTC\/USD rangebound amid Coronavirus fears | Source: TradingView.com, Coinbase<\/figcaption><\/figure>\n<p>Mr. Liljeqvist recognized the interim downsides in the bitcoin market but highlighted the possibility of growth via a key technical indicator. The analyst noted that bitcoin&#8217;s move uphill on Monday had it close above its 200-day moving average.<\/p>\n<blockquote><p>&#8220;If we can hold it, [then] we can go to $10,000,&#8221; he said.<\/p><\/blockquote>\n<h2>More Bullish Catalysts Brewing<\/h2>\n<p>Other than rate cuts, bitcoin this week also experienced huge developments on the regulatory front. The biggest news came from India, where the apex court <a href=\"https:\/\/uniquehot.com\/2020\/03\/04\/india-supreme-court-extremely-bullish-ruling-bitcoin\/\">lifted a long-running quasi ban on crypto trading<\/a> on Wednesday. The move raised the potential of spreading the bitcoin fever in a country of 1.35 billion people.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">&#8220;20% of the world&#8217;s population just added to bitcoin<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">&#8216;s addressable market,&#8221; said Charles Edward, founder of Capriole Investments. &#8220;Well done India!&#8221;<\/span><\/p><\/blockquote>\n<p>In a similar fashion, Germany recognized bitcoin as a legal financial instrument, leading some to believe that it would create smoother ways for institutional players to enter the crypto market.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">&#8220;Germany\u2019s maturing regulations mean we may see regulated crypto custody as early as this year,&#8221; <a href=\"https:\/\/twitter.com\/LinaSeiche\/status\/97417216\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">said<\/a> Lina Seiche.\u00a0Marketing Director at Bitsie. &#8220;Germany has understood there\u2018s infinitely more value in siding with bitcoin than<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">\u00a0in trying to fight it.&#8221;<\/span><\/p><\/blockquote>\n<p>As of Wednesday press time, the <a href=\"https:\/\/uniquehot.com\/2020\/03\/04\/heres-the-key-level-bitcoin-needs-to-defend-to-attempt-a-breakout-rally\/\">bitcoin-to-dollar exchange rate<\/a> was trading 2.38 percent higher on a week-to-date timeframe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin plunged on Tuesday, dropping by $157, to circa $8,757. But there could be profits as more traders view the benchmark cryptocurrency as safety against ultralow interest rates, according to popular market analyst\u00a0Ivan\u00a0Liljeqvist. The Stockholm-based blockchain influencer said the central banks are blowing the global economy unsustainably via artificial money printing and unnecessary rate cut programs. He called their attempts to safeguard the economy since the 2008 financial crisis &#8220;desperate,&#8221; adding that it would serve as &#8220;rocket fuel&#8221; for bitcoin. &#8220;[Central banks] really don&#8217;t have a lot of tools in the toolbox,&#8221; remarked Mr. Liljeqvist about the Federal Reserve&#8217;s surprise move Tuesday to cut its benchmark lending rate by 0.5 percentage point. &#8220;The madness we are seeing in traditional markets is why bitcoin has risen by nine-thousand percent during the last decade.&#8221; Bitcoin Above Key Resistance The top cryptocurrency registered its worst week since Nov 24, having declined by almost 14.5 percent until Sunday. Speculations that it behaved as a safe-haven asset during the times of economic slowdowns shattered last week when it plunged in tandem with stock markets. Bitcoin opened this week on a positive note as traders assessed the possibility of a cushion rate cut and similar easing resolutions from global central banks. On Monday, the cryptocurrency proactively logged its biggest daily gain since Feb 18, rising 4.61 percent. Nevertheless, it failed to sustain those upsides later in the week. Mr. Liljeqvist recognized the interim downsides in the bitcoin market but highlighted the possibility of growth via a key technical indicator. The analyst noted that bitcoin&#8217;s move uphill on Monday had it close above its 200-day moving average. &#8220;If we can hold it, [then] we can go to $10,000,&#8221; he said. More Bullish Catalysts Brewing Other than rate cuts, bitcoin this week also experienced huge developments on the regulatory front. The biggest news came from India, where the apex court lifted a long-running quasi ban on crypto trading on Wednesday. The move raised the potential of spreading the bitcoin fever in a country of 1.35 billion people. &#8220;20% of the world&#8217;s population just added to bitcoin&#8216;s addressable market,&#8221; said Charles Edward, founder of Capriole Investments. &#8220;Well done India!&#8221; In a similar fashion, Germany recognized bitcoin as a legal financial instrument, leading some to believe that it would create smoother ways for institutional players to enter the crypto market. &#8220;Germany\u2019s maturing regulations mean we may see regulated crypto custody as early as this year,&#8221; said Lina Seiche.\u00a0Marketing Director at Bitsie. &#8220;Germany has understood there\u2018s infinitely more value in siding with bitcoin than\u00a0in trying to fight it.&#8221; As of Wednesday press time, the bitcoin-to-dollar exchange rate was trading 2.38 percent higher on a week-to-date timeframe.<\/p>\n","protected":false},"author":50,"featured_media":416886,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,6664,1558],"class_list":["post-416862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>&quot;Rocket Fuel&quot; Catalysts Can Boost Bitcoin in Short-Term, Analysts Say<\/title>\n<meta name=\"description\" content=\"Bitcoin plunged on Tuesday, dropping by $157, to circa $8,757. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/uniquehot.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"\"Rocket Fuel\" Catalysts Can Boost Bitcoin in Short-Term, Analysts Say","description":"Bitcoin plunged on Tuesday, dropping by $157, to circa $8,757. 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