Published
3 years ago on
June 26, 2020
- Earlier this week, bitcoin experienced a spike in its price as it’s almost hit $10,000.
- Even though the price is currently stagnating just above $9150, this unexpected move upwards was a shock amongst many members of the community.
Earlier this week, bitcoin experienced a spike in its price as it’s almost hit $10,000. Even though the price is currently stagnating just above $9150, this unexpected move upwards was a shock amongst many members of the community.
This growing correlation to the equities could be an omen of what is to come for bitcoin in the near term. One analyst has said that the leading cryptocurrency is unlikely to spike past $10,000 this year and highlighted that the asset will be stuck between $6000 & $10,000 range.
Over the past few days, there has been some intense selling pressure despite the positive movement and news that came from Monday‘s announcement that PayPal was getting ready to integrate cryptocurrencies.
Many people are now speculating that bitcoin has been showing signs for a while now of decoupling itself from the traditional stock market but it seems that the opposite is taking part this week. Now, bitcoin and stocks are 95% correlated and according to the aforementioned analyst, Tone Vays, he indicates that the stock market cook could pull back by around 400 points over the next few days. He further said:
“Like I’ve been saying for months now, I have no reason to walk away from my prediction early in the year that Bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
