Miraculously recovering 80% of Bitcoin price, Raoul Pal is super bullish on BTC

Should have

Bitcoin (BTC) is strongly reversing after a sharp correction on March 12 due to the impact of the corona virus pandemic, the leading cryptocurrency soared 80% after just one week.

As traditional markets continue to be affected by the pandemic, Bitcoin has emerged to change its bearish stance.

Pal: "The whole system" is at risk of loss

Data from Coin360 and Cointelegraph Market show that the BTC / USD pair jumped to nearly $ 6,700 on March 20 - recording a return of more than 20% in the past 24 hours. Compared to last week's low of about $ 3,700, BTC recovered 79.5%.

Bitcoin 7-day price chart. Source: Coin360
Bitcoin 7-day price chart. Source: Coin360

While the response of Bitcoin to the evolution of the Covid-19 virus has been a constant surprise, analysts are now focusing more on the dangerous impact of the health crisis related to the financial system. major of the world.

With the market recovering from previous losses, investors have also become more optimistic.

"I can't describe my bullish sentiment towards Bitcoin," Raoul Pal - CEO and co-founder of Global Macro Investor, wrote on Twitter on Friday.

“We risk losing the entire system right now. I understand they will try to save it, but all faith is lost. ”

Pal added that Gold investors will also benefit from that lack of trust, although the growth potential is smaller than Bitcoiners.

A "disaster" of corporate debt worth 2 trillion USD

Those doubts have extended to the stock market itself. Kelly Loeffler - CEO of Bakkt and currently a US Senator, is said to have sold US $ 3.1 million in shares a few weeks after attending the caucus about corona virus in January.

However, most of all it is the market's weak response to unprecedented levels of fiscal stimulus - something that commentators are extremely worried about.

"These are really extraordinary times and it's quite serious," Angus Coote, co-founder of Australian fund management firm Jamieson Coote Bonds, told the mainstream media on Friday.

"I have been working for 25 years and this makes the GFC (global financial crisis) look like a child's play."

Of particular importance is corporate debt as the total debt prepared to exceed US $ 2 trillion this year due to coronavirus.

"It was a disaster," Coote adds.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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