Bitcoin (BTC) offers bullish long term signals but questions arise on its overall performance given the high expectations set for the top crypto. Amidst the COVID-19 pandemic, the price of Bitcoin (BTC) tumbled from yearly highs of $10,000, now at $7,080 as at publishing time, signaling a sideways moving market since rising from the March. 12 crash to key support levels at $3,800.
Such indecisiveness in the market has seen prominent Bitcoin bull, Peter Brandt call out the performance of the top cryptocurrency. Is Bitcoin currently over advertised as a store of value? Can the king crypto return to yearly highs come the end of the year (post-halving) period?
Top-selling author and legendary trader, Peter Brant, opened up on the state of Bitcoin market at the moment and his beliefs on the market so far heading to the halving. Bitcoin
In a tweet sent out on Monday 20th April, Brandt reinstated his belief on the long term price bullish predictions of Bitcoin. He tweeted,
“I understand the bullish narrative for $BTC relative to the: “Fables of the Feds and their Frivolous Fiats”. The argument for the moon makes sense.”
Peter Brandt: “Is BTC living up to expectation?”
In the times of the COVID-19 pandemic and global asset collapse, the global economy has witnessed increased government expansionary monetary policies in a bid to keep markets and jobs in place. However, BTC maximalists believe this move may set on high inflation on the economy making a case for Bitcoin which expects to cut its annual supply rate to 1.8% – making it more scarce than gold.
However, Bitcoin is yet to prove its worth as a source of value during this period hence the concern from Brandt.
“My only question is whether Bitcoin is actually living up to its high expectations. This question does NOT make me a hater.”
Bitcoin soar into halving: Safe haven?
Over the past 24 hours, Bitcoin has once again been tested as a store of value (SoV) assets as oil plummeted to its lowest price since the late 80s. Bitcoin came short in this regard as the top crypto lost 2% over the past 24 hours testing the $7,000 support level. Can BTC regain its pride post-halving?
Well according to a crypto analyst, Preston Pysh, the price is set to rocket once the halving occurs as explained in the tweet below:
Peter it’s a Trojan horse. The price won’t run until the halving occurs. The protocol forces the price to the energy production cost via (diff adjustment, reward flow, and competition). This is why it’s extremely difficult to front run the event (you would need a massive buyer)
— Preston Pysh (@PrestonPysh) April 20, 2020
