Investors are okay about taking high-risk positions to gain some recent returns in their investments.  This seems like a recession ready economy per CNBC.

The price of the Bitcoin crossed the $10,000 level on February 09, 2020.  This is indicative of a full-blown cryptocurrency rally for most.  The sentiment associated with Bitcoin rally is different between investors.

Several investors opine that the current price surge is due to price manipulation. Yet other analysts state that fundamental and technical factors are in favor of the rally.  The explanations for the price surge is different.

Sydney Ifergan, the Crypto Expert, tweeted, “Whether the price hike of #Bitcoin is due to investor interest, whale manipulation or due to accumulation, it is a good sign that the interest of #Investors is geared towards the king of #Decentralized #Cryptocurrencies.”

Bitcoin Might Correct Lower

It is expected that the price of the Bitcoin (BTC) might correct lower.  The bears are eyeing the key $9,850 support area in the near term.

The $10,200 is the new high for the year 2020.  The immediate support is near the 10,000 level. If there will be any further losses, it will break the current bullish market sentiment.

There is an increase in the global appeal for risky assets.  Perception is that the impact of the coronavirus will be limited to the first quarter. There is a persistent buzz about Bitcoin strengthening its position as a store of value.  It is considered to be an inflation hedge and a flight to safety.  The halving is to happen in May, and that is likely to influence the price of the token.

The outlook for Bitcoin in 2020 is very favorable.

Bitcoin touched 500 million transactions

The fundamentals are favorable for Bitcoin, which has touched 500 million transactions so far. The numbers of Bitcoin exchanging hands is increasing.  Of note, the numbers of transactions in 2017 were at 250 million, and the current 500 million is a good number indeed.

The new Money Laundering Act in Germany (AMLD5) allows local financial businesses to manage traditional securities like stocks and bonds in association with Bitcoin, Ethereum, and XRP. Several banks have filed requests to launch digital custody business. It is interesting to see that with every kind of evolution in the adoption of digital currencies, Bitcoin reigns.