Bitcoin managed to break through the psychological support level of $10,000 again in a short time, and looking at the performance of Bitcoin since the beginning of this year, most analysts confirmed that the new normal low for Bitcoin is $ 10,000 due to its rapid bounce back to this price, where if it fluctuates below this level, it will It rises again and reaches it in a short time.
The bitcoin rose to trade at the level of 10,400 dollars, with the increasing demand for the purchase of digital currencies, especially the bitcoin currency, as the joint trade tariffs between the United States and China led to weakening global stocks and increasing the demand for bitcoin as a safe haven that could preserve wealth in the event of an economic disaster, as some imagine .
Global markets fell amid the trade gloom, as both China and the United States announced new tariffs, and US President Trump called on American companies to stop doing business in China.
Trump claimed on Monday that Beijing is looking forward to starting a dialogue with Washington to end the trade dispute, while speaking on the sidelines of the Group of Seven summit currently being held in Paris, and Trump added that China summoned US officials and asked to return to the negotiating table and sees it as a very positive step.
Despite the gains made by the Bitcoin currency at the beginning of the week, it closed last week down by 1.8%, due to the successive negative news targeting digital currencies. In addition to continuing criticism from US politicians, US Secretary of State “Mike Pompeo” criticized anonymous transactions of digital currencies, which increase illegal activities and support terrorism, and added that work must be done to find a solution to regulate Bitcoin transactions.
Speculation grows that Bitcoin will reach $15,000
It seems that Bitcoin and the trade war are highly intertwined so there is still plenty of room for growth, and Bitcoin is expected to reach the $15,000 level. Three main reasons:
Or not: Exacerbating geopolitical issues such as the US-China trade war and Brexit, which will increase the appetite of investors to buy safe, decentralized and non-sovereign digital currencies such as Bitcoin, to protect them from the turmoil occurring in traditional markets.
secondly: Technical network improvements that improve performance. Recently, the Bitcoin hash rate rose to a new all-time high, and this boosts investor confidence.
Third: Perhaps the most important reason, is that public awareness of digital currencies is constantly growing, and cryptocurrencies, especially bitcoin, are an increasing part of mainstream finance, and this is evident in the financial sector where all major banks are increasingly looking into the blockchain and cryptocurrency industry, and big names in my sector Technology and retail are also looking for digital currencies.
There is a growing global acceptance that cryptocurrencies like Bitcoin are the future of money, and this will be reflected in Bitcoin's new normal bottom price of $10,000.
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