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Analyst says bitcoin needs one crucial fundamental factor to act before a big surge

Crypto News

Cryptocurrency / Crypto News 56 Views comments

In recent months, due to intensifying currency wars and rising geopolitical risks, high-profile investors in the likes of Michael Novogratz and Travis Kling have emphasized the importance of bitcoin as a potential safe-haven asset in the midst of global market turmoil.

In key markets including China and South Korea, bitcoin has been trading with a slight discount, which may indicate that investors are still favoring traditional safe-havens such as gold for because of the discrepancy in market capitalization.

Analysts foresee strength for bitcoin in medium to long-term, short-term remains unclear

Analysts foresee BTC outperforming many traditional assets in the medium to long term and a Goldman Sachs analyst stated that BTC has a short-term target at $13,971, establishing an optimistic sentiment around the asset class.