{"id":421464,"date":"2020-04-22T01:00:24","date_gmt":"2020-04-22T01:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=421464"},"modified":"2024-06-11T13:47:46","modified_gmt":"2024-06-11T13:47:46","slug":"heres-why-bitcoins-recovery-from-3800-makes-it-the-most-resilient-asset","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/heres-why-bitcoins-recovery-from-3800-makes-it-the-most-resilient-asset\/","title":{"rendered":"Here\u2019s Why Bitcoin\u2019s Recovery From $3,800 Makes it the \u201cMost Resilient Asset\u201d"},"content":{"rendered":"

In early-March, Bitcoin incurred some of the roughest price action it has ever seen, with the benchmark cryptocurrency finding itself caught within a capitulatory decline that led it from over $8,000 to lows of $3,800.<\/p>\n

This meltdown occurred concurrently with the global equities market seeing a massive selloff as investors began growing aware of just how serious the Coronavirus pandemic was.<\/p>\n

In the time since this occurred, however, Bitcoin has been caught within a steady uptrend that has allowed its price to nearly double from these lows<\/a>, leading one analyst to call it the \u201cmost resilient asset in the world.\u201d<\/p>\n

These Characteristics of Bitcoin\u2019s Ongoing Rebound are What Makes it so Resilient<\/strong><\/h2>\n

The investment world has been captivated by the recent selloff seen in the oil market, with the commodity\u2019s May futures expiry leading its price to decline into negative territory for the first time in decades.<\/p>\n

This subsequently led the price of spot oil to similarly plunge, creating shockwaves that have gravely impacted companies and countries that are oil-reliant from a revenue perspective.<\/p>\n

Some spot oil exchange traded funds even saw their trading halted in an effort to stop investors from panic selling.<\/p>\n

Bitcoin<\/a> \u2013 which can\u2019t ever go negative but can see capitulatory declines like that seen in early-March \u2013 doesn\u2019t have the same regulatory features as highly regulated markets like commodities, which means that the market must regulate itself.<\/p>\n

This has led Luke Martin \u2013 a highly respected cryptocurrency analyst \u2013 to explain<\/a> that Bitcoin\u2019s subsequent recovery from its recent lows makes it highly resilient.<\/p>\n

\u201cTake a step back think about how BTC has almost completely recovered from the 50% drop in March. \u2022No limit down or trading halted \u2022No emergency meetings of producers to cut\/alter supply \u2022No government pledges to start buying. The most resilient asset in the world,\u201d he noted, pointing to a chart showing Bitcoin\u2019s nearly full recovery.<\/p><\/blockquote>\n

\"Bitcoin\"
Image Courtesy of Luke Martin<\/figcaption><\/figure>\n

The Future is Bright for BTC<\/strong><\/h2>\n

Analysts don\u2019t seem to think that this ongoing rebound will end anytime soon either, as one pseudonymous trader on Twitter recently noted<\/a> that he doesn\u2019t believe Bitcoin will decline much below $5,000 before setting fresh all-time highs.<\/p>\n

\u201cSpeculative but I don’t think we get BTC much cheaper than mid 5000s before ATH. Dips are for buying imo,\u201d he explained.<\/p><\/blockquote>\n

\"\"
Image Courtesy of CryptoBirb<\/figcaption><\/figure>\n

The fundamental strength shown throughout the past five weeks is certainly an overtly bullish sign for Bitcoin<\/a>, and this coupled with technical strength could mean major gains are imminent in the months ahead.<\/p>\n

Featured image from Unsplash.<\/pre>\n","protected":false},"excerpt":{"rendered":"
In early-March, Bitcoin incurred some of the roughest price action it has ever seen, with the benchmark cryptocurrency finding itself caught within a capitulatory decline that led it from over $8,000 to lows of $3,800. This meltdown occurred concurrently with the global equities market seeing a massive selloff as investors began growing aware of just how serious the Coronavirus pandemic was. In the time since this occurred, however, Bitcoin has been caught within a steady uptrend that has allowed its price to nearly double from these lows, leading one analyst to call it the \u201cmost resilient asset in the world.\u201d These Characteristics of Bitcoin\u2019s Ongoing Rebound are What Makes it so Resilient The investment world has been captivated by the recent selloff seen in the oil market, with the commodity\u2019s May futures expiry leading its price to decline into negative territory for the first time in decades. This subsequently led the price of spot oil to similarly plunge, creating shockwaves that have gravely impacted companies and countries that are oil-reliant from a revenue perspective. Some spot oil exchange traded funds even saw their trading halted in an effort to stop investors from panic selling. Bitcoin \u2013 which can\u2019t ever go negative but can see capitulatory declines like that seen in early-March \u2013 doesn\u2019t have the same regulatory features as highly regulated markets like commodities, which means that the market must regulate itself. This has led Luke Martin \u2013 a highly respected cryptocurrency analyst \u2013 to explain that Bitcoin\u2019s subsequent recovery from its recent lows makes it highly resilient. \u201cTake a step back think about how BTC has almost completely recovered from the 50% drop in March. \u2022No limit down or trading halted \u2022No emergency meetings of producers to cut\/alter supply \u2022No government pledges to start buying. The most resilient asset in the world,\u201d he noted, pointing to a chart showing Bitcoin\u2019s nearly full recovery. The Future is Bright for BTC Analysts don\u2019t seem to think that this ongoing rebound will end anytime soon either, as one pseudonymous trader on Twitter recently noted that he doesn\u2019t believe Bitcoin will decline much below $5,000 before setting fresh all-time highs. \u201cSpeculative but I don’t think we get BTC much cheaper than mid 5000s before ATH. Dips are for buying imo,\u201d he explained. The fundamental strength shown throughout the past five weeks is certainly an overtly bullish sign for Bitcoin, and this coupled with technical strength could mean major gains are imminent in the months ahead. Featured image from Unsplash.<\/p>\n","protected":false},"author":499,"featured_media":421467,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-421464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nHere\u2019s Why Bitcoin\u2019s Recovery From $3,800 Makes it the \u201cMost Resilient Asset\u201d<\/title>\n<meta name=\"description\" content=\"Bitcoin has been caught within an uptrend in the time following its drop to $3,800, leading one analyst to call it the \u201cmost resilient asset in the world.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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