RATE Group | Raoul Pal Super Bullish on Bitcoin Price After Miraculous 80% Rebound
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Raoul Pal Super Bullish on Bitcoin Price After Miraculous 80% Rebound

20 Mar Raoul Pal Super Bullish on Bitcoin Price After Miraculous 80% Rebound

Posted at 09:53h in Bitcoin News by

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Bitcoin (BTC) is now turning the ongoing coronavirus disaster into a cause for gains — the cryptocurrency is up 80% in just one week. 

As the effects of the pandemic on traditional markets intensify, Bitcoin has appeared to U-turn on its bearish stance.

Pal: “Entire system” at risk of loss

Data from Coin360 and Cointelegraph Markets showed BTC/USD climbing as high as $6,650 on March 20 — 24-hour gains of over 20%. Versus last week’s lows of around $3,700, the pair has appreciated 79.5%.

Bitcoin price 7-day chart

Bitcoin price 7-day chart. Source: Coin360

While Bitcoin’s reaction to coronavirus has constantly delivered surprises, analysts are now focusing more on the deadly impact of the associated health crisis on the world’s financial system.

As the cryptocurrency recovered its losses, the mood among market participants likewise became one of solidarity.

“I can not express how bullish I am on bitcoin,” Raoul Pal, founder and CEO of Global Macro Investor, tweeted on Thursday. 

“We are at risk…

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