While Bitcoin has skyrocketed in price the last couple of weeks it is obvious that this is unsustainable growth. Bitcoin has been coiling waiting for a moment like this and the US election and stock market reaction so far have been the key factor.
Another massive contributing factor beyond the obvious COVID shut downs going on in Europe is in Africa. The chance of Ethiopia falling into Civil War seems to be increasing almost daily and uninterrupted. Ethiopia has been a model African country for a while now with the ability to stay united against different regional factors. Ethiopia is a well militarized country with the distribution of weapons including all the factions.
Adding another country into the war/turmoil mess is something the world currently cannot afford. With this the issues in Nigeria and the Nile River water disputes Africa is becoming extremely volatile in regions that people are not accustom too.
This leaves us with Bitcoins current price of roughly $15,300 USD and the rejection of 16,000 today. Having watched the ebb and flow of Bitcoin and the fact it is a weekend when price is more volatile due to less liquidy the price these next few days could be a lot more bumping. Bitcoin though has showen a pretty good support of $15k since it hit that but it could fall through that.
The worst I can see happening would it be falling to $14,750 if the US Elections are completely resolved and no one kicks up a stink. Since thats unlikely Bitcoin should trend between $15k and $15,750 unless more negative news comes out in the world which would cause it to go up. With the world at such a rocky place many have found Bitcoin to be a safe haven and that will continue to support its value for a while now!
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