Bitcoin is an alternative to national currencies, and the “new gold,” a hedge against global uncertainty.
After rallying from recent lows, Bitcoin prices have been stuck in the $4000-$4500 range for a couple of weeks. What will it take for the digital currency to head back to $5000 and beyond?
The return of buzz, which will bring buyers back to the market. And that will take a catalyst, like the rollback of China’s ban on Bitcoin and other cryptocurrencies, which killed Bitcoin’s buzz in the first place.
The ban may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention, as written in a previous piece here.