Bitcoin is waking up! For what ? And how to take advantage of it?

A safe haven in the storm

We have been told for several years now, it may well be that this time, it is there. The financial crisis that is shaking the markets seems to be on the way, through galloping inflation and the bankruptcies of banking establishments, for the moment secondary.

So, as with each descent into financial hell, investors are looking for safe havens. This time, it would seem that gold has found its competitor: Bitcoin. Last week, the crypto flagship even surpassed $28,000, carried by a wind of panic following the series bankruptcies. Its highest rate for 9 months, which he has kept since stabilizing in a value ranging from 25,000 to 28,000 dollars.

The rise is not only linked to the crisis

It is clear that Bitcoin is benefiting from an economic situation in its favor. A favorable period for crypto in general, moreover, as evidenced by the strengthening of Ethereum with +13% in 7 days, or the leap forward in BNB since March 10. A new bull run?

However, this enthusiasm is not only linked to the current financial context. First of all, we know that the value of cryptocurrencies fluctuates with the concerns of public opinion. Thus, the value of Bitcoin had skyrocketed at the start of the COVID crisis, reaching its historic value of $69,000only to then collapse at the first signs of a slowing economy.

How High Can Bitcoin Go?

For analysts, this new appreciation of Bitcoin is above all a test. Can the king of cryptocurrencies become as reliable a safe haven as gold? If the past has proven its volatility, making it a relatively risky asset, this new opportunity to prove its solidity is too good to pass up. Now, one question is on every market watcher’s lips: this time around, how high will it go?

THE #Bitcoin broke the 28,000! Officially we are at the door of the #bullrun ! pic.twitter.com/Hg1l8rvkR5

— Romaric ALLAGBE (@romaric_allagbe) March 20, 2023

For JP Morgan, renowned for its often cynical, but pointed analyses, Bitcoin could rise to more than 140,000 dollars in the long term. Others rely on a staggering valuation. Thus, the former CTO (technical director) of Coinbase bet $2 million, speculating that the value of the crypto will exceed $1 million within 90 days. A bold bet, which may be based on a runaway market in the coming weeks.

Well, for the moment, we are not there yet. What is certain is that Bitcoin is recovering after several long months of capping below $17,000. At present, there is no telling whether this is just another Bull Run (a temporary speculative rise in value and confidence) or a solidification in the value of Bitcoin. Patience, the next few weeks will tell us.

Don’t miss the Bitcoin train of 2023!

Bitcoin, Ethereum, both? Not sure which cryptocurrency to choose? Whatever your choice, you can acquire the main cryptos on the market at Coinhouse. This French platform is a very good starting point for new buyers, because you can get cryptos immediately and you do not need any special knowledge to store them since your capital is secure on Coinhouse’s servers. The interface is clear, in French and the site offers to see market developments at a glance. And there is even an application to have information about yourself at any time.