- Bitcoin continues to show positive signs
- BTC tops out at $6,850 as the S&P 500 index surged by 10% and Dow Jones surges by over 11%
- Bitcoin (BTC) will skyrocket soon
Bitcoin News Today – The world’s most dominant digital currency has continued to show strength over the past couple of hours, surging as high as $6,850 a few hours ago. At the time of writing, Bitcoin is trading around the $6,700 mark. Data from TradingView shows the digital currency has surged by 4 percent since the trading session started.
Bitcoin is still below the multi-week high of $7k. However, the digital currency seems poised to push back towards the major level over the next couple of days, as an upward trend has started to form. Since BTC plunged to the low of $3,800, it has surged by more than 75 percent, with the past few days yielding gains of more than 20 percent.
Bitcoin’s Rally Coincides with the Rise of the Stock Market
The rally of the digital currency market comes as the stock market has also seen an upward rally. The S&P 500 index is up by 10 percent. The Dow Jones saw a rally not seen in a very long time, surging by more than 11 percent on the trading session, a move that has left many surprised. Two news events are probably responsible for the sharp rally:
The first is that Congress is very close to passing the COVID-19 stimulus bill, which will help US citizens and businesses. There was initially some uncertainty about the bill, but that is getting resolved. The second is that the US Fed Reserve revealed its plan to implement the purchasing of corporate debt, mortgage-backed securities, and Treasuries until the economy stabilizes again.
While the press package of the Federal Reserve did not include the word “infinite,” many analysts and economists in the BTC space have labeled these measures “QE Infinity,” as the central bank did not put any limits on the amount of assets it can buy in the near future.
Bitcoin Might Skyrocket Soon
Many believe that the world’s largest digital currency by market cap is getting ready to rally higher. In a recent rally, the current CEO of Goldman Sachs and ex-head of Goldman Sach’s equity derivatives business – Raoul Pal – said that he believes the price of BTC will surge to its all-time high of $20k in the coming 12 to 18 months.
They released the interview shortly after he said that he is more bullish on Bitcoin now than ever. He added that if he is made to choose, Bitcoin would be the only asset he would have in the next decade.