Bitcoin Suddenly is back on the move

Bitcoin, after an anti-genomic supply squeeze earlier this week, has sharply jumped toward $ 10,000.

The price of bitcoin is up around 5% on the last 24-hour trading period and is still climbing – hitting $ 9,345 per bitcoin on the Bitstamp exchange in Luxembourg.

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On Monday, the amount of bitcoin awarded to those who maintain the bitcoin network, called miners, was cut in half – dropping from 12.5 bitcoin to 6.25.

In the short term, it is widely expected that the price of bitcoin will be very volatile as bitcoin miners try to balance the price with their running costs.

Many bitcoin traders and investors had warned that the price of bitcoin could collapse following the halving – but those fears have not yet emerged.

Despite warning of a post-halving fall, most bitcoin analysts are confident that the price will eventually climb, with many predicting that bitcoin will re-test its all-time highs.

“In my opinion, $ 10,000 to $ 10,300 per bitcoin is a significant area of ​​resistance,” said eToro analyst Simon Peters, pointing to data from blockchain analytics firm Glassnode that shows bitcoin investors have given up buy bitcoin as the price rises over $ 10,000, “indicating falling confidence in prices at that level.”

“Bitcoin has struggled to pass on many occasions since the fall of September 2019. Maybe if we see bitcoin hitting $ 10,000 again, it will be followed by another short payment like Sunday, and prices going stay in below for a few months. or so. “

The price of bitcoin hit over 10% on Sunday before bitcoin’s third halving, triggering many bitcoin traders and investors.

However, Peters expects bitcoin to see a new all-time high within 18 months, “in the $ 20,000 to $ 50,000 region per bitcoin region.”

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Meanwhile, bitcoin bulls have cheated the support of some high-profile investors who are not happy with the Federal Reserve and other central banks.

The bitcoin and cryptocurrency market was set alight last week by legendary macro news investor Paul Tudor Jones buying bitcoin as a hedge against the inflation he sees coming from unprecedented coronavirus and bank currency printing locking-induced central.

Chamath Palihapitiya, chief executive of Social Capital and chairman of Virgin Galactic, has warned that the Fed is creating a “deflationary cycle” by pumping trillions of dollars of cheap money into the system.

“Now suddenly even [Paul Tudor Jones] look at bitcoin and the reason is because we are in this huge deflation cycle, ” Palihapitiya told CNBC this week.

“I’m still struggling to find anything as disconnected as anything and everything else than bitcoin.”