A cryptocurrency analytics firm, Swissblock, is predicting a Bitcoin price surge. They believe Bitcoin is becoming independent of the stock market’s performance.
Bitcoin’s Independence
Swissblock highlighted Bitcoin’s resilience during a recent stock market downturn. While the stock market fell, Bitcoin held its value, suggesting it’s acting as a safe haven asset, especially amidst trade war uncertainty. The firm stated that even if trade war sentiment changes, Bitcoin’s price won’t be significantly impacted; it might even increase, similar to gold. They see this as building upward price pressure.
This month, Bitcoin is up over 15%, while the S&P 500 is down around 1.42%.
Bullish Signals
Swissblock’s Bitcoin Risk Index is showing bullish signals. This index considers various factors like on-chain data and cost basis to assess Bitcoin’s risk level. The firm interprets the index as indicating fading selling pressure and increasing upside potential. They’ve even warned bear market investors that the risk-off signal has been zero for days, suggesting downside pressure is disappearing and pullbacks are opportunities for further gains.
Price Predictions
Swissblock previously stated that Bitcoin needed to break through the $95,000 resistance level to trigger a significant rally. They also suggested a possible minor dip to around $89,000 before the next price increase to gather momentum. At the time of writing, Bitcoin is trading near $94,826.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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