After a major 50% dip in Bitcoin in mid-March 2020, the largest crypto by market cap is once again defying the odds and has broken the $7, 000 barrier.
At the same time, recent data from ARK Invest, an investment advisory firm in disruptive innovation, based out of New York, USA, showed the relative Google search interest for Bitcoin is approaching all time highs in several emerging markets.
While analysts are still debating whether Bitcoin could sustain support at $7,000, a few facts give us some confidence and optimism on the current bullish trend:
The strong surge in interest in the leading cryptocurrency
A trend of stablecoin issuers minting literally hundreds of millions of dollars worth of cryptocurrency over recent weeks
The Bitcoin halving is nearing and is just over a month and will see the number of BTC mined each day get cut in half
Data shows large retail and institutional money, evidenced by large transaction volume spikes, flooded into Bitcoin before the $7,000 rally, which might indicate potential anticipation for a further upside over a mid or long-term timeframe
While the Bitcoin mining and central banks printing money is considered ‘rocket fuel for Bitcoin,’ it remains to be seen if this actually translates to Bitcoin becoming a true safe haven and further add to its value.
For now though, its clear that Bitcoin’s potency and popularity as an asset class is growing.