Industry players say the price of Bitcoin (BTC) could be impacted once US government agencies lift COVID-19 prevention measures, such as stay-at-home orders and business closures.
“As the world economy starts to recover and get back online after it has been printed, in the case of the trillion-dollar government, Bitcoin is likely to be more bullish than we have ever seen,” Metal Pay CEO Marshall Hayner told Cointelegraph in a message, adding:
“An altcoin market with a solid foundation and utility with strong usage will have the potential to surpass previous highs as we will start to see the first major crypto banking platforms like Metal Pay, Facebook and others emerge with the advent of the digital dollar backed by the US Treasury.”
The economy was put away for weeks
In an effort to stop the spread of the coronavirus, much of the world has remained at home for the past few weeks, with many businesses shut. As the US evaluates the path forward, other countries strategize according to their own circumstances.
Amid the heat of the March pandemic, major markets plummeted, with Bitcoin prices trailing behind. The US is printing trillions of dollars in a bid to pump life into a struggling market. The last few weeks have seen traditional markets post a bit of a recovery. At times, Bitcoin has moved together.
Traders also see future Bitcoin price movements
Crypto Twitter trader NebrasGooner said Bitcoin could move north when the US reopens. “The general assumption is that prices are likely to go up,” he said. “Things are starting to return to normal and people are likely to return money to traditional markets and crypto markets.”
NebrakanGooner questioned the sustainability of the purchase. With that said he will look towards technical analysis on the price chart for more information.
“We can also see general rumors of businesses starting to reopen which could lead to ‘buy rumours, sell news,’”. He said, referring to when fanfare before an event pushes the price of an asset up, followed by a fall in price after the event.
Two other crypto traders on Twitter, CryptoWendyO and BigCheds, also recently detailed the possibilities for Bitcoin when US citizens re-emerge into society. S: Cointelegraph