"Bitcoin as coronavirus." What will raise the coin price to $100,000?

Over the past three months, Bitcoin - the most popular and stable cryptographic currency in the world - has risen and fallen like all other financial assets on the planet. After the first reports of an increase in the number of cases of coronavirus in China, the price of tokens has soared to 10 thousand dollars. The fall was equally rapid: in less than a week, the cryptocurrency collapsed almost twice. So, is it possible to consider bitcoin as a "protective asset" and will COVID-19 increase demand for crypto assets?

Former Coinbase technical director Balaji Srinivasan said the price of the coin will increase as the number of cases of new infections increases.

Bitcoin's course is now even more likely to pass the $100,000 mark, former technical director of the Coinbase crypt exchange Balaji Srinivasan wrote in his Twitter account. According to him, the rise in the price of the first crypt currency above $10,000, although it seemed unbelievable 10 years ago, speaks in favor of a multiple rises in price.

"In 2009, it was unthinkable that the BTC exchange rate would cross the mark of $100,000. However, provided that the BTC is already more expensive than $10,000, it is very likely that its price would overcome $100,000," Srinivasan said.

In addition, he compared the first cryptocurrency with coronavirus. Srinivasan believes that on December 1, when the disease had just begun to spread, it was unlikely that the number of infected people would increase to 100 thousand. Now that their number has exceeded 10 thousand, the growth of 10 times seems predictable, explained by the former technical director.

As for the current situation, do not forget that it was especially important for the people of China. The main players in Bitcoin have always been citizens of this country, they used this asset primarily for the withdrawal of capital and its movement rather than luxury real estate - this is a traditional practice in a fairly regulated and tight currency market in China.

The rise in Bitcoin prices is also expected by Josh Ranger, an analyst, and founder of Bitcoin. In his opinion, the price of the crypt currency will rise to $11,400-11,550 if it can overcome resistance levels of $10,761 and $11,000.

In this case, the next target for the Bitcoin rate will be $13,800, the analyst added. But he noted that a serious obstacle to the coin price rise will be a cluster of orders to sell the asset, located at $ 12,000.

The founder of TheBirbNest platform and trader CryptoBirb is confident in the decline in the price of Bitcoin. In his Twitter account, he published a chart of the first crypt currency, showing that its rate deviated from the trend line. “Probably, it will return and protest the level of $8250-8600, and then will continue to rise to a new high”, predicted the trader.

Since late January, there was a sharp increase in requests to "buy Bitcoin" on Google. The Moon trader suggested that this indicates an inflow of new investors into the market and will help the main digital coin to rise to $20,000.

At one time, Bitcoin had high hopes. They expected it to be worth $30,000 or even $50,000-100,000. But then everyone realized that Bitcoin as an asset can neither be calculated nor predicted.