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Bitcoin Price Explodes Past $12,000, ‘Clear Skies’ to 2019 High

bitcoin-price-explodes-past-$12,000,-‘clear-skies’-to-2019-high
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bitcoin price, bitcoinThe bitcoin price rocketed past $12,000 on Tuesday as global instability grips the stock market. Source: TradingViewThe bitcoin price rocketed past $12,000 on Tuesday as global instability grips the stock market. Source: TradingView

Bitcoin: a safe haven?

The bitcoin price rally comes after global stock markets suffered their worst day of the year so far. The Dow Jones lost almost 1,000 points in Monday’s trading session after China hit back at Donald Trump’s trade war threats.

China let its yuan currency fall beyond the key $7 level, prompting a huge capital flow out of the Chinese currency. Analysts speculate some of that money may have flowed into bitcoin in the last 24 hours.

Circle CEO Jeremy Allaire praised bitcoin as a store of value amid global macro uncertainty:

“Humanity has now created a non sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists. It’s uncensorable, it’s unseizable.”

Bitcoin price: what next?

After an explosive two days, some analysts expect a small pullback in the bitcoin price. Trader Josh Rager confirmed on his Telegram channel:

“I do believe BTC needs to have a slight pullback sometime.”

However, most analysts agree that the bulls have taken control of the market and the 2019 high of $13,880 is now in range. As Rager went on to explain:

“Bitcoin is clear skies on the weekly and monthly chart. Not much stands in the way of previous $13,880.”

$BTC is clear skies on the weekly & monthly chart

Not much stands in the way of previous $13,880

But a lot can happen during the week including a pullback

Lots of people still think $8k, but if Bitcoin closes this week at these levels I don’t expect to see 4-digit BTC again pic.twitter.com/kDZUvA7Jfb

— Josh Rager ? (@Josh_Rager) August 5, 2019

As CCN reported, bitcoin’s surge as a safe haven may be nothing more than a self-fulfilling prophecy. But right now it’s working.

Click here for a real-time bitcoin price chart.