Bitcoin is finally the Safe Haven it was always supposed to be

Since the mega-rally three years ago, in which the price of Bitcoin rose from under $ 1,000 to almost $ 20,000 in just a few weeks, the Bitcoin bulls have had little reason to be happy. This rally was a speculator's dream, but it had the makings of a massive bubble that could burst at any time. For example, on Bitcoin's big leap in 2017, leading crypto only spent over $ 15,000 a handful of days before it all collapsed. However, the current rebound has resulted in BTC price increasing 60% in the past 80 days and not seeing a single daily decline of more than 5% - an impressive feat for such a volatile commodity. Since the beginning of the year, BTC has grown 155%. BTC has failed to live up to its status as a safe haven and digital gold in the past. However, there are several reasons the crypto might be ready to shine right now. Bitcoin's outlook has been mostly mixed in recent months. Markets have climbed a huge wall of worry after Congress rejected a $ 2 trillion stimulus package ahead of the elections, with little clarity as to whether the so-called "lame duck" is concerned about the election date and the day next inauguration extends, an agreement can be reached, which has led to an overdose of pessimism in the markets. The stalemate in Congress couldn't have come at a worse time when a second wave of Covid-19 infections hit many countries really hard. A second wave of the pandemic hit many European countries before winter at a pace that has exceeded the most pessimistic forecasts. The new lockdown measures in Germany, France and Spain are a reminder of the previous lockdown after which people must stay in their homes unless they have to buy essentials, exercise for up to an hour a day, or seek medical attention. Additionally, the US dollar appears to have stabilized after being in free fall since early June. One of the main reasons safe-haven commodities like bitcoin, gold and silver have shone since the March crash is the weakening of the dollar. The reverse correlation between Bitcoin and the dollar has been unmistakable since the March crash, meaning hard times were expected for BTC.