The flagship currency has finally done it. Just hours ago, at around 11.30 pm Nigerian time, Bitcoin surged pass $10,000 for the first time in weeks, touching price levels as high as $10,250. This marked a 7% jump in gains from where Bitcoin was trading prior to the move, according to data obtained from Coinmarketcap.
While commenting on the incredible performance, the Chief Investment Officer at Orthogonal Trading, Joshua Green, simply said, “ETH broke out already, BTC now having its turn… The macro and fundamental scenario is very bullish, and the market has been shorting into $10,000, under-allocated above $10,000.”
In addition, popular Hedge Fund manager, Michael Novogratz, said Bitcoin’s bullish momentum might have just started. His forecast was based on quantitative easing done by global central banks and the high geopolitical uncertainty around the world.
“$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA (United States of America) adds to the narrative. Budgets are going one way and it is the opposite of balanced. When 10k goes it will move fast. Get on the train,” Novogratz said.
$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When 10k goes it will move fast. Get on the train.
— Michael Novogratz (@novogratz) June 1, 2020
This echoes the words of Tesla CEO Elon Musk and billionaire hedge fund manager Paul Tudor Jones, who have both stated that the surge in government spending and rising debts are favourable to Bitcoin’s macro fundamentals.
It is worth noting that Bitcoin’s bullish move above the strong price resistance level of $10,000, occurred as America’s President Trump ordered the National Guard to disperse masses of protestors close to White House grounds. A wave of violence has been sweeping through American cities, following the tragic death of George Floyd, a black American citizen who was killed by a white police officer.