Bitcoin Price Breaks $10,000 For The First Time After Halving, Analysts Bullish

02. Jun 2020 Posted by Akolkar B on News

On Monday, June 1, the BTC price jumped $10,000 for the first ever time since the Bitcoin halving last month. Over the last month, the BTC price has remained largely volatile oscillating back and forth between $8500-$10,000 levels.

At press time, Bitcoin is trading at a price of $10,097 with a market cap of $185 billion. BTC has struggling for a long time to move past its major resistance of $10,000 over the last few months.

After the BTC price crash of mid-March 2020, the BTC price has been steadily moving northwards. Since its 2020-bottom, BTC has appreciated nearly 70% so far.

Analysts are currently on the BTC price for over the next few months as the Federal Reserve has initiated several quantitative easing (QE) measures after the economic turmoil spread due to the Coronavirus.

Over the last few months, the Federal Reserve has been pumping money in the system to meet the immediate challenges of the COVID-19 economic fallout. In some of the unprecedented measures, the central bank has also dropped the interest rates to zero.

Several economist and analysts think that if the Fed drops the interest rates to negative, it will fuel the demand and value for Bitcoin and Gold. A recent report from Standard Chartered shows that if the Fed drops interest rates to negative, then gold will jump to spectacular heights immediately thereafter.

Tesla founder Elon Musk said that if the Fed tries to print more money and push it in the economy, the chances of inflation could make a perfect case for Bitcoin. In a tweet, Musk stated: “Massive currency issuance by government central banks is making Bitcoin Internet money look solid by comparison”.

Wall Street billionaire investor and Galaxy Digital founder Michael Novogratz said that the economic turmoil in the U.S. is drawing more attention for Bitcoin and Gold. Mike Novogratz added: “Bitcoin is coiling. It will take out $10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When $10k goes it will move fast. Get on the train”.