- Bitcoin is possibly becoming a safe haven asset.
- The top cryptocurrency is rising in tandem with gold as tensions in the Middle East grow.
- It’s possible that bitcoin may be in the early stages of a parabolic advance.
If you think that theturmoil in Iran and the rest of the Middle East has nothing to do with bitcoin, think again. The king of cryptocurrencies has traded bullishly ever since the conflict between the U.S. and Iran started. bitcoin has pushed higher each time tensions were heightened.
Is it just a coincidence or is bitcoin becoming the safe haven asset crypto enthusiasts hope it would be? My money is on the latter. It’s possible that the smart money are hedging with bitcoin. This could trigger the cryptocurrency’s ascent to new all-time highs.
Bitcoin and Gold Have Been on a Tear Since the Death of the Iranian General
On Jan. 3, President Trump authorized a drone strike to assassinate Iranian high-ranking military official Qassem Soleimani. Since news of the attack broke, bitcoin has been feverishly rising. It’s not the only asset to rise.
Travis Kling, chief investment officer of Ikigai Fund, revealed that bitcoin, gold and oil have risen in tandem since the conflict began.
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Bitcoin Could Now Be in the Early Stages of a Parabolic Advance
With bitcoin now trading above $ 8, 06, it’s likely that we are in the early stages of a parabolic rally. Analysts think that this is possible but caution that more time is needed to make an accurate call.
Mati Greenspan, founder of (Quantum Economics, told CCN,
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It is certainly possible but still way too early to tell.
**** Elliottician Benjamin Blunts believes that bitcoin has likely bottomed out. The trader said,I think there’s a strong chance the bottom is in. However, I still want to see a daily close above 222941, which is a break of the macro high timeframe downtrend.********************
When asked if the dominant cryptocurrency has become parabolic, liquidity game theorist Majin replied,
It has.
While many traders would be hesitant to say that bitcoin is in the early stages of aparabolic advance, it’s important to note that the top cryptocurrency has only risen in a parabola. Since bitcoin’s inception, all bull markets can be characterized by an exponential increase in the cryptocurrency’s value in relatively short order.
If the analysts are correct, a fresh all-time high may be on the horizon for bitcoin. If that’s the case, then the conflict in the Middle East would certainly be the catalyst.
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