Among the optimistic is Samson Mow. The CSO of Blockstream predicts that Bitcoin will be back above five-figures by the halving event this May.

Bitcoin Bounces After Battering

After consistent gains over the first weeks of 2020, Bitcoin plunged in tandem alongside other markets amidst recent planet-spanning, coronavirus-inspired panic. With global markets plunging and the Bitcoin price failing to hold up, many have questioned the asset’s utility in the wake of the volatilityWe can describe volatility as how much the value of an asset changes over a given time. A volatility index… More.

Drastic responses to the mass selloff have seen the Federal Reserve and other central banks get particularly creative with policy. For many of Bitcoin’s most committed, the liquidity injections serve as another good reason to hold the scarce asset.

Negative interest rates have arrived in the US! 6mo t-bill at -2bps. Means you need to PAY US govt for 6mo cash deposit. Rates to go much more negative to weaken dollar. This is confiscation and it is bad but it needed for now to stabilize system. Mega bullish for #Bitcoin pic.twitter.com/mwgEhnXKsD

— Dan Tapiero (@DTAPCAP) March 19, 2020

Economic Stimulus Packages in response to #CoVid19

🇬🇧 UK : $39 billion
🇺🇲 US : $1.2 trillion
🇫🇷 France : $45 billion
🇳🇿 NZ : $8 billion
🇮🇹 Italy : $28 billion
🇨🇦 Canada : $56 billion
🇰🇷 South Korea : $10 billion
🇮🇳 India : Janata Curfew & Clapping hands in the Balcony on Sunday

— Srivatsa (@srivatsayb) March 19, 2020

For now, the central bank measures seem to be working as intended. The US stock market crept higher today, proving that some appetite for risk was indeed returning to markets. [Bloomberg]

Bitcoin has been performing well too. Over the last 24-hours, investors bought up more than $18 billion worth of the cryptocurrency. At the time of writing, a single Bitcoin trades for just under $6,200. Prior to today’s moves, it was down at $5,200.

Can Bitcoin Hit $10,000 by the Halving?

With the rising price, an air of bullishness is returning to the Bitcoin industry. Some reasoned that the gains coinciding with central bank liquidity injections were proof that BTC is functioning as a hedge against such policies:

Within less than a day of the two largest central banks in the world printing a combined $2 trillion of their paper money, Bitcoin’s price surges +20%.

Bitcoin is working as designed.

— Vis (@Vis_in_numeris) March 19, 2020

Of course, it wasn’t long before the return of optimism inspired the return of bullish Bitcoin price predictions. Earlier today, Samson Mow of Blockstream nailed his colors to the proverbial mast with a rare price call.

#Bitcoin at least 10k by the halving. pic.twitter.com/8b1JNdKWpS

— Samson Mow (@Excellion) March 19, 2020

In the above tweet, he states that Bitcoin will trade above $10,000 again by its halving in May. Just a month ago, such a prediction might have been seen as bearish. However, with Bitcoin needing to gain more than 60 percent in two months, and having just endured some of its most extreme volatility to date, traditional market analysts would find Mow’s price call questionable.

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As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.