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Bitcoin analytics for February 7: reasons for growth and forecast for the future

On the night of February 7, the price of Bitcoin overcame its maximum over the past 3 months, and almost reached $ 10,000. Experts believe that the reasons for the steady growth of cryptocurrency are news about the upcoming halving, which increases the interest of the community, as well as the spread of coronavirus in China, which is why the demand for safe-haven assets is growing.

Morgan Greek Digital co-founder Anthony Pompiliano shared his growing belief that Bitcoin will soon be a global instrument for hedging market risks. The crypto enthusiast drew attention to the lack of correlation of BTC with the stock or other markets, which increases its versatility.

Thomas Lee of Fundstrat Global Advisors expects that over the next six months, the profitability of the first cryptocurrency can reach 200%. According to him, the overcoming of the MA indicator by Bitcoin for an almost 7-month period is a clear signal of the beginning of a bull trend, the catalyst of which will be Bitcoin’s May Halving. Investor Mike Novogratz even considers Bitcoin to be the best investment tool at the moment, while he called altcoins simply “viable”.

Source: Investing

WELTRADE managing partner Kempa Andrei shared the results of technical analysis, according to which the closest psychological level of BTC is $ 10,000 per coin, and if the price returns below the level of 9600, there is a chance to lower the price by another $ 440.