Forbes: Fear of the Coronavirus Could Push Bitcoin Above $10,000

As China's stock market plunged on Monday after its first opening after the Spring Festival holiday, Bitcoin rose to around $9,600. Forbes wrote that fear of the new coronavirus could cause Bitcoin to break through $10,000.
The article said that investors are worried that the spread of the new coronavirus will put pressure on China's production capacity in the coming months, with stocks in the manufacturing, materials and consumer goods sectors being the worst affected.
Bitcoin, the largest cryptocurrency by market value, has maintained its upward momentum since the beginning of 2020, first due to tensions between the United States and Iran, and then due to concerns about global trade caused by the outbreak of the new coronavirus in China.
Bitcoin and cryptocurrency analysts generally believe that $10,000 is the next "resistance level" for Bitcoin. Adam Vettese, an analyst at crypto brokerage eToro, wrote in a report, "There is speculation that Bitcoin is expected to break through the $10,000 mark after continued gains. However, Bitcoin is still around the healthy level of $9,300."
Nigel Green, CEO of financial advisory firm deVere Group, said: “The continued rise in Bitcoin prices is linked to the spread of the coronavirus.”
He also said that as the new coronavirus epidemic continues to develop, the price of Bitcoin will continue to rise. "The more cases are found, the more countries are affected, the greater the impact on traditional financial markets, and the higher the price of Bitcoin will be."
Some other industry insiders also believe that as market confidence declines, the price of Bitcoin will continue to rise.
“As trust in global institutions and markets continues to deteriorate, we will see a surge in the value of digital assets like Bitcoin,” said Jehan Chu, partner at blockchain investment and advisory firm Kenetic Capital.
However, last week’s technical indicators indicated that Bitcoin is currently rising too fast and has exceeded the upper limit of the GTI Vera Band indicator, which means there may be a pullback in the future.
In addition, two crypto mining hardware manufacturers notified customers last week that their shipments would be delayed by at least one week due to the outbreak in China. Vettese said, "Many companies have extended their New Year holidays, some even until February 10. In addition to affecting deliveries, these delays will undoubtedly have an impact on the industry."