Bitcoin has been trading mostly in the range between $ 9,000 and $ 10,000 in the last few weeks.
This indicates that there is strong pressure from buyers below $ 9,000 and even stronger pressure from sellers above $ 10,000.
However, some analysts believe in bullish scenarios in the short term .
With increased volatility in crypto markets around COVID-19, several analysts believe that the price of Bitcoin could move up in the coming weeks and months.
Koyfin CEO Rob Koifman said the current quantitative easing, launched by the Federal Reserve, could be quite negative for the dollar.
Meanwhile, Raoul Pal, CEO of Real Vision, continues to argue that the dollar should rise. There are other analysts who believe that the US dollar may move up not because of its own strength, but rather because of the weakness of other currencies such as the euro, pound and yen.
Raoul Pal is of the opinion that Bitcoin can gain strength, as the whole Fiat system can change. If this happens and countries decide to use a new currency system that is not dominated by the US dollar, we can see a serious rise in the flagship cryptocurrency.
Bitcoin and digital currencies are a market that is still growing and expanding. Many investors are curious, but think it is too early to invest in these digital assets. However, Bitcoin has proven to be a durable asset.