China wants to increase tariffs on $50 billion of U.S. goods targeted in a tit-for-tat over President Trump from 84% to 125% in April.
According to reports, it will also open fire on approximately $144 billion of U.S. exports, including agricultural commodities.
As the trade war escalated, market volatility increased, and investors looked for safe-haven assets to protect themselves against the economic impairment caused by the trade conflict.
Florida and North Carolina have also filed bills designed to encourage Bitcoin adoption. In Florida, public funds could invest in Bitcoin, and in North Carolina, it would receive legal tender recognition in a separate proposal. A slew of state-level initiatives and conversations at the federal level about purchasing Bitcoin as a strategic asset indicate growing institutional interest in cryptocurrencies.
Similarly, Bitcoin network fundamentals are also becoming stronger. Hashrate jumped to more than 120 terahash per second, signaling both security and a rise in interest from institutional miners.
The Bitcoin Rainbow Chart has Bitcoin’s price in the yellow-green zone—to be precise, between the “HODL” and “Still Cheap” bands. That means, by historical record, Bitcoin is not yet in the realm of overvaluation. Still, it appears to have ample upward room to roam before being seen as speculative “bubble” territory.
Investors tend to use the Rainbow Chart to measure long-term price behavior in a logarithmic form, providing cues for sentiment and market entries/exits. Bitcoin trades within a range that hints at more upside potential.
Now analysts, including Ali Martinez, are claiming Bitcoin could reach $91,500 in this price bull run.
