Several factors fueled bitcoin's New Year's rally, said analysts. Others have pointed to anticipation surrounding the upcoming halving, scheduled to take place in May, as helping bitcoin push higher. Bitcoin’s Safe-Haven AppealAnother factor that analysts spoke to was bitcoin’s draw as a safe haven or hedge against macroeconomic turmoil. A Perfect StormAs soon as bitcoin prices started pushing higher, a multitude of factors helped amplify its gains, said analysts. Dorman offered a similar perspective, stating that:“Once the market started to gain momentum, the usual suspects began levering up again, pushing the market even higher.

Source: Forbes January 16, 2020 04:18 UTC