Bitcoin (BTC) price gained more than 20 percent and created a very positive atmosphere in the market. Most investors think that this rise will continue.
On March 19, Bitcoin was trading at $ 5,500. At the time of writing, the leading crypto currency was traded at $ 6,640 and moved to the green zone. Traders and analysts, observing this rise in bitcoin, state that BTC has undergone a major stress test and has managed to rise despite the global markets falling.
Trader Joel Kruger points out that Bitcoin has been performing extremely well while the turmoil in global markets continues, stating that the current situation (the sudden occurrence of Bitcoin price crash last week) was a major stress test for BTC and the biggest digital asset passed the test. According to Trader, there is no better time for BTC than this.
It’s been super cool to see how well the #Bitco has performed through this global downturn. Always best to see how an asset holds up under stress. And this has been a great stress test. No better time for a decentralized, limited supply, digital currency than now.
– Joel Kruger (@JoelKruger) March 20, 2020
An angel investor, known as “WhalePanda” on Twitter, also expressed his views on the latest Bitcoin behavior. WhalePanda said that in the financial crisis in the current markets, stocks have become too volatile and “crypto trading” has begun. He also stated that the high volatility in the global markets is not new and that traders in the crypto market are accustomed to this situation.
People were waiting for the #Bitco and shitcoins to start being less volatile and trade more like equities once the market would mature.
Instead what we’re seeing now is equities trading like crypto. Crypto traders have years of experience with this and are way ahead of the curve.– WhalePanda (@WhalePanda) March 20, 2020
Technical analyst “CryptoDude” stated that the extreme volatility of Bitcoin is not unusual, which causes much higher up and down movements than gold or S&P 500. He said that this reminds the society that Bitcoin is still the most speculative asset.
Bitcoin is still the most speculative asset from the bunch therefore it is totally understandable for it to dump and bounce with greater magnitude compared to SPX and Gold. the https://t.co/eqna5gqqe
– CryptoDude (@ cryptodude999) March 20, 2020
Regarding the current state of the price of Bitcoin, trader Scott Melker stated that Bitcoin has risen almost 88 percent from the post-crash bottom point and is only 15 percent away from the point where the final price crash began (8,000).
Bitcoin is only down 15% from 8k, where the massive drop began. It’s up roughly 88% from the bottom.
– The Wolf Of All Streets (@scottmelker) March 20, 2020
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