Bitcoin bearish run feared as its value approaches $60000

TL;DR Breakdown

• A Bitcoin bearish run is feared despite rising back up through the period of February and March.
• Cryptocurrency analysts and many Bitcoin investors are optimistic that the cryptocurrency could rise.

A Bitcoin bearish run is envisaged despite rising back up through the period of February and March. The top cryptocurrency has increased in value by about 10 percent recently, rising from $50,000 to $58,000. This follows the approval of a $1.9 trillion Coronavirus stimulus package by the United States.

As Bitcoin enjoys a series of value increases, Mark Mobius, a big name in crypto investment, has warned of a Bitcoin bearish run.

He added that contrary to popular beliefs about a bullish run, a Bitcoin bearish run can’t be avoided. In a conversation with Bloomberg, he cited the intimacy between BTCs price and the tech market, adding that such intimacy serves as an indicator of what to expect.

The bitcoin price increase has been attributed to retailing traders trooping into the crypto market, adoption by wall street, and corporate interest.

Electric car manufacturing company Tesla in February purchased Bitcoin with a value of about $1.5 billion. This action has raised speculations that more tech giants would follow suit. This, alongside the vibrant rise in Bitcoin value, has made Mobius believe in his claim of a Bitcoin bearish run.

Mobius sees but doesn’t want a Bitcoin bearish run

Mobius, despite his belief of a foreseen Bitcoin bearish run, doesn’t want it because tech stocks could rise. In recent weeks, tech stocks have suffered a significant fall and have moved up this week, moving alongside Bitcoin.

What more, cryptocurrency analysts and many Bitcoin investors are optimistic that the cryptocurrency could rise, and judging by recent events, it isn’t slowing down anytime soon.

Alex Kuptsikevich, a Financial analyst with FX pro, has disclosed in a comment via email that Bitcoin was pushed to $57,000 after falling to $53,000 by the action of buyers who entered again into the main stage. This, when placed against the speculated Bitcoin bearish run, gives Bitcoin a chance to head into the $60,000 territory.