According to some analysts, the next escalation of the trade war between the two largest world powers, the United States and China, could trigger a sharp rise in the number one cryptocurrency. Analysts say that it was the protracted trade conflict that led to the recent price jump of BTC.
Analysts recall that at the moment, bitcoin has taken on the role of a safe haven asset, along with traditional assets such as gold and other precious metals. Investors who lose confidence in traditional financial markets prefer a leading cryptocurrency.
The number of positions on bitcoin in virtual markets is growing with each round of the US and China trade war, analysts say. Over the past few weeks, the number of transactions on some platforms has reached an impressive 300%. The number of transactions with gold over the same period increased by 73%. It turns out that investors began to perceive the MTC as a defensive asset along with the yellow metal.
Many Chinese investors (over 30%) believe that Bitcoin will overcome the $30,000 mark in the next 12 months. At the moment, Bitcoin is the most popular asset among traders in China. The second most important is Ethereum.
Most analysts predict a bearish trend in the dynamics of the first cryptocurrency. A similar situation awaits Bitcoin in the short term, analysts are certain. However, in the future, investors will have a unique opportunity to build up their positions.
At the moment, the Bitcoin dominance index has exhausted itself, reaching a peak, analysts emphasize. Altcoins will enter the scene soon, analysts summarize.
