Bitcoin price plunged below $9000 mark yet again. What looked like a possible break above $10,000, has turned into longer days of consolidation.

The narrative for Bitcoin [BTC] investment has taken many shapes and forms over the years. After its failure as a payment mechanism in 2016-2017, the ‘safe haven‘ narrative has become wildly popular.

Kolanovic, JP Morgans’ global head of macro quantitative and derivatives strategy, suggests strong bullish growth of the equity markets.

Gold/USD Daily Price Chart (TradingView)

Gold prices slumped below $1500, at the beginning of the week. As the stock market continues to rally, and the trade tension relaxes and easing of the global monetary policies. Hence, the short term need for a safe haven, which was a strong catalyst in the upward price movement, seems to have slowed down.

Can Halving Keep the Momentum Going?

Bitcoin [BTC] halving is due next year in May. The event will reduce the rewards for mining Bitcoin by half. This represents a massive shift in the supply of the cryptocurrency. It acts as a reliable bullish indicator as the ecosystem looks to keep the price above the break-even price for miners.

Nevertheless, the…

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Author: Nivesh Rustgi


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