BITCOIN (BTC) EYEING $8800 NEXT AMID RISING GOLD, OIL PRICES

Posted 08 January, 2020

BITCOIN SURGES 10% ON IRANIAN MISSILE ATTACK

As reported by Tradingview.com, BTC has risen to a seven-week high of $ 8,450 in the last few hours. This change is up nearly 10% from the daily average of $ 7,700 yesterday.

 

bitcoin

 

Bitcoin scored an impressive 22 percent since the momentum last Friday after US airspace in the Middle East. Although this rally is not as big as in October. In the end, it was caused by China, but it has every chance.

After the presidential attack, US President Donald Trump seems to be enjoying the conflict and the possibility of a full military twist on "All is well" and "So far!"

Rising tensions resumed the narrative of a safe haven for bitcoins, as did Trump's trade war with China last year. New capital flows into assets that value it from a six-week limited channel in order to reach new highs of the year.

 

Analyst and trader ‘Crypto₿irb’ noted the correlations:

“btc went exponentially when Trump announced China Trade war (5->14k).
btc is going up exponentially when Trump announced Iran war.”

 

Just like last week, other safe assets like gold and oil are growing. Today, gold prices have topped $ 1,600 an ounce, a new six-year high, and oil prices are currently rising as well.

Bitcoin has firmly established itself as a secure asset, attracting new money during a disaster.

 

WHERE NEXT FOR BTC?

Now that long-term technical indicators are on the rise and trend lines are breaking, analysts are tracking the next step in bitcoin.

Fellow analyst Josh Rager said:

“BTC looking strong after the U.S. base attack news … could continue to rip up though prior targets to short”

The next short-term level of resistance is likely to be the $ 8,800 rise.

Now that the 50-day moving average has broken, it has begun to rise. The longer-term target is a 200-day moving average, currently at $ 9,200.

The ghost of war, along with half of the bitcoins, could turn the year 2020 into the mother of all rallies.

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