The outlook for Bitcoin is good!

The outlook for Bitcoin is good!

By Jumble | Jumble | 29 Apr 2020


In early March, the value of all asset classes decreased very much. At that time, the outlook for the future was bad because of the Coronavirus (CV). At this time, the outlook has changed, and slowly, the price of Bitcoin (BTC) and most asset classes has increased. Before the outbreak of the CV, the outlook for BTC was good and BTC was on an uptrend. If no future unknown accidents occur, then the price for BTC will continue to increase.

Why the BTC outlook is good outlook

The outlook for BTC in the near-term and the far-term is good. The two facts that make the near-term outlook for BTC good are:

  1. the trend for BTC up
  2. after each time the block reward was decreased by ½, the price for BTC made an all-time-high

A third fact that makes the outlook for BTC good is that the worldwide macroeconomic outlook is good.

The trend for BTC is up

The chart below shows the price for BTC for the period May 1st, 2019 to April 29th, 2020. The downtrend for BTC stopped in January 2020, and in the middle of February 202, the price for BTC made a higher-high (HH-1). This price was almost equivalent to the price at the lower-high (LH-2).

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In early March, the CV pandemic caused the price for BTC to decrease very much. But since that time, the price for BTC has been on an uptrend and the outlook for BTC is good.

Halving of the block reward for Bitcoin

The block reward for mining Bitcoin has been decreased by ½ twice before. After each Bitcoin halving, the price for BTC has made a new all-time new highs (ATH). On May 12th, 2020, the third Bitcoin halving will occur. This points to a good outlook for BTC.

The macroeconomic outlook for is good

The CV pandemic has changed the good worldwide economic outlook. But in most countries, the bad effect from the CV pandemic on the economy is almost over. At this time, some countries have restarted their economies. As more countries restart their economies, worldwide economic growth will follow. The rate of growth for the worldwide economy recovery is related to how quickly consumer confidence, employment, and global trade increase. In general, the macroeconomic outlook is good and the outlook for BTC is good. 

Conclusions

The outlook for BTC in the near-term and the far-term is good. The three facts that make the near-term outlook for BTC good are:

  1. the trend for BTC up
  2. after each time the block reward was decreased by ½, the price for BTC made an all-time-high
  3. the worldwide macroeconomic outlook is good.

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Jumble
Jumble

Technical and marketing content writer. And a cryptocurrency fanatic.


Jumble
Jumble

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