Bitcoin traders and investors have been nervously eyeing markets over recent days, with uncertainty on the rise after bitcoin decoupled from the stock market last week. <\/p>\n
The bitcoin price, up a staggering 50% on the last six months, looks set to close out 2020 as one of the year's best performing assets. Bitcoin spiked to just over $14,000 per bitcoin late last month for the first time since the great 2017 bitcoin bubble popped in January 2018.<\/p>\n
Now, the bitcoin price has added 4% over the last 24 hours, rocketing back over $14,000 and again following traditional markets that jumped earlier today, with bulls firmly in control ahead of the U.S. election polls closing.<\/p>\n
The bitcoin price has climbed ahead of the U.S. election result, with bitcoin traders and investor ... [+] closely watching the polls. <\/p>\n
\"We seem to be well in the green across the board right now both in terms of markets and crypto and it's hard to tell where this [rally over $14,000 per bitcoin] is coming from exactly, but it seems logical that the election must be playing a part,\" Jason Deane, an analyst at market advisory firm Quantum Economics, said via Telegram. <\/p>\n
\"Early sentiment is of a Biden victory which could point to expectation of getting a significant coronavirus stimulus passed quickly. In that scenario, bitcoin is little more than a passenger on a wave of positivity driving price discovery, rather than the fundamentals which, although strong, become a secondary consideration in that context.\"<\/p>\n
Others in the bitcoin and cryptocurrency community are confident that the bitcoin price will climb whoever takes the White House in coming days. <\/p>\n
\"Regardless of who wins, the forecast is for more quantitative easing and stimulus, continuing the favorable conditions for hard assets like bitcoin,\" Cory Klippsten, the chief executive of bitcoin-buying app Swan Bitcoin, said via Telegram, adding that \"everything in the macro environment points to great opportunity for a major bitcoin bull market.\"<\/p>\n
Bitcoin, with a fixed supply of just 21 million bitcoin tokens, has found fresh support this year as a hedge against the inflation some investors see on the horizon due to unprecedented government spending and stimulus measures designed to offset the economic damage wrought by the coronavirus pandemic.<\/p>\n
The recent bitcoin price rally has reinvigorated the bitcoin and cryptocurrency community, with many celebrating a raft of major developments. <\/p>\n
\"There just aren't many sellers left. It feels like every time there's the slightest dip lately, it just gets bought up,\" Klippsten said, pointing to MicroStrategy MSTR kicking off a wave of publicly-listed companies adding bitcoin to their books, payments giant PayPal PYPL rolling out bitcoin-buying and spending services, and recent upgrades to the bitcoin network as fostering a \"bullish\" bitcoin ecosystem.<\/p>\n
The bitcoin price has added over 3% today, pushing bitcoin over the psychological $14,000 per ... [+] bitcoin level for the second time this year. <\/p>\n
Bitcoin prices are highly volatile, however, and some have been quick to point out sharp corrections often follow jumps higher. <\/p>\n
Bitcoin \"loves nothing more than to surprise everyone,\" George McDonaugh, managing director of digital asset investment company KR1, said via email. <\/p>\n
\"Were now clearly in a bull market and next year has huge potential, but watch out for those 30% declines that come seemingly out of nowhere. There were five such declines on the way up to $20,000 in 2016\/17, so expect similar this time around.\"<\/p>\n
Some think bitcoin will find support not far from its highs. <\/p>\n
\"What should be noted is the strong support seen at $13,000, which is allowing the bulls to reattempt breaching $14,000 with increased confidence,\" Joe DiPasquale, the chief executive of hedge fund BitBull Capital, said via email. <\/p>\n
\"In the short-term, the price is expected to remain volatile due to the U.S. elections, but long-term prospects remain increasingly bullish.\"<\/p>\n
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