The analyst believes that Bitcoin will leave behind the fear of Omicron spread as investors begin to focus on larger issues of inflation.
Thus, large investors will continue to pour money into BTC and other crypto-assets as an inflation shield.
After a major bloodbath on Black Friday last week, Bitcoin and the overall crypto market have bounced back. As of press time, Bitcoin (BTC) is trading 6.19 percent up at a price of $57,415 with a market cap of $1.084 trillion. It looks like the recent BTC price bounceback comes from a recent support trendline.
WHOA!!! #bitcoin just bounced from an insane trend line retest! pic.twitter.com/Z1xxIU9aUt
— Lark Davis (@TheCryptoLark) November 29, 2021
The fast spread of the new COVID-19 variant – Omicron – had rattled the market while sending the global market on a tailspin. First discovered in South Africa, the new variant is spreading fast in different parts of Europe.
Read More: New COVID-19 variant shakes markets, Bitcoin losses $55,0
