On Monday, Sven Henrich, founder and chief market strategist at northmantrader.com, discussed bitcoin's "rally in this crisis. The technical analyst and market commentator highlighted four reasons why he believes bitcoin's value is soaring – "fundamentals, sentiment, technology, [and] secure trading."

Sven Henrich, founder of Northmantrader, describes why he thinks "Bitcoin is bouncing back in the face of the crisis"

At 5:35 p.m. (EST) on Monday, the price of Bitcoin (BTC) soared to a high of $44,256 per unit. The dollar price of BTC has not been this high in about 39 days since Jan. 20, 2022. Bitcoin's price rise sparked many discussions on social media and forums throughout the day. In the wake of the leading cryptocurrency's price rise, gold bug and economist Peter Schiff shared his two cents on market behavior on Monday.

"Both gold and bitcoin are up today," Schiff tweeted. "But this move in no way implies correlation. They rose for different reasons. Gold rose as a safe-haven and inflation hedge. Bitcoin is up because ARKK is up. Speculators in risky assets have gotten used to buying on the cheap."

Meanwhile, Sven Henrich, founder and chief market strategist at northmantrader.com, has a completely different take on Monday's bitcoin rally. In a Twitter post, Henrich described why he thinks bitcoin is "bouncing back from this crisis. In his Twitter post, Henrich talks about four main reasons, the first of which is "fundamental".

"The fundamentals: adoption [and] acceptance continues to expand, i.e. Ebay is also institutional. In my opinion, this path will continue. There are no signs of regression, but rather continued expansion," Henrich noted. "The sentiment: the Ukraine crisis highlights how bitcoin can act as a support mechanism for raising funds when traditional avenues are cut off. Blockchain [and] decentralized currencies are becoming more important."

The market strategist continued.

Technicals: Bitcoin made higher lows in February relative to stocks, showing positive divergence [and] defending against key trends. Starting the related decoupling process? Security Trading: Sanctioned funds may seek bitcoin as a safe haven (unconfirmed). This also poses a risk as it provides an excuse for accelerated regulation (long term positive/short term risk).

Henrich says "Bitcoin is here to stay" – some claim "Bitcoin's success could be its demise"

Henrich further added that the conclusion is that bitcoin "is here to stay" and that the fiat currency system further supports this fact. "The rationale for doing so [bitcoin's] existence finds more validation because the existing fiat world needs more intervention to sustain itself," Henrich stressed in his Twitter post.

One person replied to Henrich's post and asked, "If people stop putting money into bitcoin, will it still be able to sustain itself? It's almost like it needs a constant injection of money." Another person answered the question and said.

You just described our fiat currency system.

However, some of those responding to Henrich's tweet tend to believe that "BTC's success will be its demise" and that "the double-edged sword is starting to flash". The person left a link to an article discussing Christine Lagarde, president of the European Central Bank (ECB), calling on global lawmakers to approve regulations to stop Russia from evading financial sanctions.

What do you think of Sven Henrich's four reasons why Bitcoin is bouncing back in the face of the crisis? Let us know what you think about this topic in the review section below.

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