By Tobi Loba
The crypto space waited for long before Bitcoin, the first and largest cryptocurrency, could experience a significant price increase.
BTC now rests on $8000 as its support, many crypto enthusiasts expect further uptrend. Some even envisage that Bitcoin is already reacting to the next halving scheduled to hold in May this year.
Bitcoin’s recent price reaction to the ongoing fracas between the United States and Iran has prompted a popular crypto trader, Crypto Michael to affirm that Bitcoin price now moves around like Gold and Silver, which supposedly solidifies the attribute of Bitcoin being a safe haven.
Bitcoin Price Moves Around as a Safe Haven
A Cryptocurrency enthusiast and expert trader, Crypto Michael has on Twitter claimed that Bitcoin now moves around as a safe haven like Gold and Silver while reacting to Messari’s tweet that says “Bitcoin and the Iran conflict: Is $BTC becoming Digital Gold?”
Crypto Michael said, “Same thing I pointed out earlier. BTC starts to move around like gold & silver during these events. And that’s a good thing. People seeing it as a ‘safe haven’ is something we all like to see. And makes BTC more mature. Not the worst.”
Same thing I pointed out earlier. $BTC starts to move around like gold & silver during these events.
And that’s a good thing. People seeing it as a ‘safe haven’ is something we all like to see.
And makes $BTC more mature.
Not the worst. #CRYPTO https://t.co/mYXWIcHPix
— Michaël van de Poppe (@CryptoMichNL) January 8, 2020
The Rise and Drop of Bitcoin (BTC) Price
Bitcoin (BTC) had settled for long at $7,000 price region. Many crypto analysts expected more downtrend to $6,000 price region for the digital currency, before expecting the occurrence of a long-lasting price uptrend.
Despite the reluctant growth showcased by BTC over the past months, its fame did not stop spreading. It was recently recognized as the best performing asset of the last decade, strengthening the hope of Bitcoin maximalists about the future of the digital currency.
Due to the way BTC price had reacted to the previous BTC halving, many investors and traders have been able to commit a part of their hard-earned funds in the most popular digital currency, Bitcoin.
BTC and the majority of other top coins are beginning to lose their accrued prices in the market, after the moment of a huge price increase. How dip the digital currency could drop is not ascertained as this contradicts the wishes of many investors and traders in the crypto sphere.
As earlier mentioned, BTC is once again at the losing side, closer to losing $8,000 support level, however, there is still a room for recovery as always. At the time of writing, BTC is trading at $8,011, with about a 4% price downtrend in the last 24 hours.
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