Economists around the world have explored many Bitcoin price analysis trends to gauge how investments will move in the future. But this guessing game is not certain, and it’s anyone’s guess how things will end up when this economy rebounds. Investors can only hope for an upswing soon to bounce the market into a better 2nd quarter of 2020.
How The Market Is Moving
The buzz lately is all about how the oil prices are falling significantly due to the Coronavirus impacting the market. And the oil and gas industries are not the only facets of the economy that this pandemic is affecting. Regrettably, this downward spiral is touching many industries, including the digital finance market now from examining recent prices.
Originally, digital investors were still actively involved in cryptocurrencies forcing a slight upswing as people turned away from financial institutions. Despite this, the cryptocurrency market has started showing small signs of the struggling economy with Bitcoin price analysis dropping minimally. Digital currencies continue to try and stay strong despite what the financial market reflects in the global economy.
At the time of writing, the value of Bitcoin is sitting at $7,142.53 USD, showing positive movement for the future. Over this past week, Bitcoin has remained steady showing investors just how secure they are, despite the economy.
Current Bitcoin Price Analysis
The value of Bitcoin has strong connections to the traditional financial market, often showing fluctuations as the economy moves. Even with all the doubt plaguing the current economy, Bitcoin remains steady and as an attractive investment for many. The Bitcoin price analysis for the 2nd quarter compares Bitcoin to ‘digital gold’ comparing its online stability to tangible assets.
The 1st quarter of 2020 was uncertain for Bitcoin, and many economic gurus were unsure of how it would move. Dealing with the financial crisis surrounding the Coronavirus, many markets were suffering, making digital currency predictions hesitant. After examining Bitcoin’s movement this week, many anticipate a significant upswing for the token now as it stays above $7,000. This positive position gives Bitcoin price analysis predictors a more optimistic view for the rest of 2020.
Bitcoin’s Halving Event in The Near Future
One of the major events coming up for Bitcoin is the next halving event, predicted for May 2020. The past halving events have made Bitcoin’s coins dominate the market shares as they continue to saturate digital investments. Investors are gearing up for the upcoming halving event in anticipation of a significant value jump in the market. But this predictive movement may not be how Bitcoin will actually respond.
Conversely, many predictions say following the past Bitcoin history trends won’t help with today’s forecasts. During past halving events, the world economy wasn’t suffering as it is currently, and we cannot expect the same results. Projections for the 2nd quarter of 2020 may not mirror what has happened in the past with Bitcoin movements. Investors will have to wait it out and see what the 2nd quarter brings for Bitcoin price analysis.