- Bitcoin price has posted over 200% gains since January 2020, revealing its risk off nature.
- Despite a strong correlation with equities, Bitcoin price posted consistent gains during the Russo-Ukraine war.
- Analysts are bullish on Bitcoin, predicting a rally in the asset.
Bitcoin price continues posting gains against the backdrop of the Russo-Ukrainian war, fueling a bullish outlook among investors. Despite Bitcoin's correlation with stocks and equities, Michael Saylor believes that BTC is a risk off asset.
Bitcoin acts as a risk off asset in rising geopolitical tension
Bitcoin price has posted over 200% gains since January 2020. More recently it has fallen yet despite the price drop, institutional investors and leaders now consider the asset risk off by nature. The asset has a strong correlation with tech stocks and equities; however, proponents argue Bitcoin has also acted as a hedge against inflation.
Bitcoin has found a utility on both sides of the Russo-Ukrainian war, and experts believe the conflict could drive the asset's adoption among users.
Analysts have evaluated the Bitcoin price trend and predicted a rally. FXStreet analysts spotted a bearish Ichimoku breakout for the first time since December 4, 2021. The pattern typically triggers a big sell-off; however, there hasn't been a follow-through.
Despite the rebound in Bitcoin price, downside risk persists, and the asset could test its 2021 lows. Bitcoin price could drop as low as $30,400, similar to the 2021 trend.
Analysts argued that based on Gan analysis, the historical behavior of Bitcoin on March 21 implies a major move. Historically, there has always been a large price move after this date range, and analysts argue there could be a trend reversal in the asset on March 21, 2022.
The bitcoin price trend coming into this date range has typically shifted, implying an upcoming change to the asset price within the next two weeks.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?