- Bitcoin is the most resilient asset in the world
- Analysts remain bullish on the mid and long-term outlook of Bitcoin
- Bitcoin may not plunge much below $5k before it hits a new all-time high – a pseudonymous analyst
Bitcoin News Today – March is so far the roughest month for Bitcoin (BTC) this year. The world’s largest digital currency found itself caught in a capitulatory decline that pushed the price of the digital currency from over $8k to the lows of $3,800. The massive plunged happened alongside the global equities market seeing a huge sell-off as investors started becoming aware of just how serious the COVID-19 pandemic was.
However, since this unprecedented event occurred, the benchmark digital currency has recorded substantial growth that has almost doubled the price from these lows. This brilliant move has even made an analyst to dub Bitcoin the “most resilient asset in the world.”
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Has Shown Great Resilience over the Past Months
Investors have been mesmerized by the recent sell-off seen in the oil market, with the May futures expiry of the commodity pushing its price into the negative zone for the first time in decades. This move also affected spot oil prices, and it experienced a similar decline. This has created shockwaves that have seriously impacted nations and firms that rely on oil form a revenue perspective.
The trading of some spot oil exchange-traded funds (ETF) was halted in a bid to stop investors from panic selling. The benchmark digital currency can never go negative but it can see massive downtrends like the one seen in March this year. Bitcoin (BTC) does not have the same regulatory features as highly regulated markets such as commodities. This means the BTC market must regulate itself.
As a result of this, a highly respected digital currency analyst – Luke Martin – explained that the subsequent recovery of Bitcoin from its recent lows makes it highly resilient. Martin said:
“Take a step back to think about how BTC has almost completely recovered from the 50% drop in March. •No limit down or trading halted •No emergency meetings of producers to cut/alter supply •No government pledges to start buying. The most resilient asset in the world,”
Bitcoin’s Mid- and Long-Term Outlooks Are Bullish
Some analysts believe that this current rebound is going to end anytime soon. A Pseudonymous digital currency trader on Twitter said that he does not think BTC will plunge much below $5k before surging to new all-time highs. He said:
“Speculative but I don’t think we get BTC much cheaper than mid 5000s before ATH. Dips are for buying IMO.”
Bitcoin has been showing some bullish signs over the past five weeks. The technical strength of Bitcoin coupled with its fundamental strength could mean major rallies are upfront.