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Bitcoin

Analysts Think Bitcoin Is Rallying Due to Market Pricing in “Stimulus Buffet”

Nick Chong
by Nick Chong
4 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Bitcoin is up around $200 in the past 24 hours as it now trades at $11,100.
  • This is the highest price the cryptocurrency has traded at in many days and weeks.
  • The leading cryptocurrency is purportedly moving higher on expectations of further stimulus and a potential Democratic-leaning election.
  • There are also on-chain factors likely driving Bitcoin higher, analysts say.
  • The leading cryptocurrency is moving above key resistance levels as of this article’s writing.

Why Bitcoin Is Rallying Now And Expected to Rally Further

Bitcoin is up $200 in the past 24 hours, pushing above $11,000. According to analysts, the market may be moving higher on expectations of a Democratic-leaning election and a stimulus buffet that may take place to stimulate the economy.

“Dollar getting shredded (EURUSD in blue). BTCUSD (purple) up, XAUUSD up. Market pricing in Democrat sweep and a stimulus buffet.”

Image

Chart of BTC's price action over the past day or so relative to the price of gold and the value of the dollar relative to the euro.

Mike McGlone, senior commodities analyst at Bloomberg, has echoed this assertion. He wrote on the matter of Bitcoin performing well under a democratic administration in the White House:

“A potential Biden presidency should shine favor on further appreciation in the price of #Bitcoin. New leadership may change the hands-off policy of the Trump admin. – to the detriment of the broader crypto market – and nudge Bitcoin toward the mainstream, improving ETF chances.”

On-Chain Trends Bullish

Underlying these fundamental factors for Bitcoin are on-chain trends that show a path of growth for the crypto-asset.

Willy Woo recently said on Bitcoin’s on-chain trends.

“Meanwhile the on-chain fundamentals are showing more new investors are coming in than the mania phase of the last cycle (Dec 2017), without it reflected in price. This is because the unfettered trading games on derivative platforms is holding the price down.”

Crucial on-chain trends including but not limited to the hash rate setting new all-time highs, active addresses increasing over time, and new addresses spiking as new users enter the network for the first time.

Featured image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analysts Think Bitcoin Is Rallying Due to Market Pricing in "Stimulus Buffet"
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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