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Bitcoin Poised for a Run at $8k Says Trader but Extreme Low Volume Not a Positive Tre

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Four days into 2020 and Bitcoin saw a surge of 8% where it went from $6,850 to above $7,400.

As we reported, Bitcoin spiked in value just like gold which was because of the geopolitical tensions in the Middle East after the US airstrike killed Iranian general Qaseem Soleimani that pushed the demand for safe-haven assets.


Iran has been one of the “hotbeds” for Bitcoin adoption, propelled by the crippling US sanctions and its unstable economy.

Mati Greenspan, founder of investment firm Quantum Economics in his Friday newsletter points out how

“UNTIL TODAY BITCOIN HAS LARGELY BEEN SEEN AS AN UNCORRELATED ASSET THAT DOES NOT USUALLY REACT DIRECTLY TO WHAT'S HAPPENING IN OTHER MARKETS.”


Iran an unlikely driver

However, he notes that the Iranian market in itself is likely “too small and slow” to have caused this 8% upwards move in BTC price single-handedly.

What’s more likely is “one or several players have been waiting on the side for a good buying opportunity below $7,000 per coin and it seems one has presented itself.”

Economist and trader Alex Kruger also said that the narrative of Bitcoin being a safe haven and soaring because of Iran is “absolute nonsense.”

But Bitcoin might Moon if there is a war with Iran

Clem Chambers, CEO of private investors website ADVFN.com, however, says, Bitcoin will “moon” if the US has a war with Iran.

In the longer term, he says whenever there is trouble in the capital controlled countries like China and Iran, Bitcoin will be a “key asset.” This is because,

“WHILE THERE ARE TRILLIONS IN GOLD AND OIL TO SUCK UP DEMAND, THERE IS ONLY A SMATTERING OF BITCOIN TO TAKE THE SORT OF BUYING SURGE A COUNTRY LIKE IRAN COULD CREATE WERE THE SITUATION TO SPIN UP INTO A LARGE SCALE CONFLICT.”

Bitcoin, according to him, is the “best place” for flight capital for those wanting to protect their assets.
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