I have been observing the movement of BTC lately and it had not been gaining grounds from the last major dip that it made a few days ago. I am still believing that people are just waiting for a catalyst major news or world event that would definitely be a factor for its either sudden jump or another slump movement for Bitcoin in particular.
A particular good news would be better like for example a vaccine for CoViD to end the pandemic and should have made the markets go up in vigor as it would also return the supply chain in normality but there is no definitive solution yet for CoViD because if it has then the economy or businesses would again flourish and again would affect the price of bitcoin positively.
Image by Gerd Altmann from Pixabay
We Needed A Positive World News Event For BTC To Gain Great Milestones Again
There are so many factors affecting the Bitcoin price and I am believing that in the mid-term outlook even for the longer term perspective the price will get to appreciate because as months passes by the solution for the pandemic gets closer and closer. As I have pointed out above when the supply chains gets on going again and businesses goes into their normal operation again the economy will roll again.
The stock markets will soon react into what's happening and it will draw up Bitcoin with it because the two financial markets are intertwined and shadowing each other if you just investigate on the past charts both for stock markets and Bitcoin.
And of course one major force in putting Bitcoin into its predicted and expected price was its ever dwindling supply and ever growing demand because new users or cryptocurrency is born everyday. Some big financial institutions also had known the importance of putting their funds in BTC because it will not only give their money some value as time passes by but also will save their money from devaluation or FIAT inflation.
Disclaimer:
All the statements here are from the author's own opinion ad perspective and should not be taken necessarily as facts. Please do your own research and due diligence to avoid potential losses if you will be venturing on high volatility nature of cryptocurrencies.
