Bitcoin vs COVID-19 - The pathway back to all time highs in $BTC
As the world entered its first pandemic in 100 years all financial markets cratered in early 2020. Even popular safe haven assets like $GOLD were not immune to the rush to liquidity amidst the panic and uncertainty. $BTC not widely known for its "safe haven" status also suffered the effects of this global liquidity squeeze. After 30 days of pain the fed ultimately injected trillions of dollars of liquidity into the financial markets while dropping rates to 0%. As the money printers go brrrrrr and the horrific economic data confirms the damage, investors and now seeking alternative safe havens for their cash as the purchasing power of all currencies is eroded by central bank money printing.
The fundamental case for Bitcoin has always been there. Bitcoin, like Gold is hard money. By design Bitcoin is a scarce asset. You cannot print more bitcoin, there is a finite supply. Bitcoin is a weapon to battle deflation and inflation.
Regardless of your opinion on Bitcoin my argument is this:
Bitcoin will capture a growing asset allocation from investors as a hedge over the coming years. Not just from internet kids and contrarian investors but major institutions. A small shift in this allocation will send Bitcoin to a 6 figure price.
The Chart:
Bitcoin has broken up from a major falling wedge pattern. The volume spike is a massive tell. You can easily see the final capitulation followed by a very strong move upwards. 10500 is a key level and trading above here would provide strong conviction.
The fundamental case for Bitcoin has always been there. Bitcoin, like Gold is hard money. By design Bitcoin is a scarce asset. You cannot print more bitcoin, there is a finite supply. Bitcoin is a weapon to battle deflation and inflation.
Regardless of your opinion on Bitcoin my argument is this:
Bitcoin will capture a growing asset allocation from investors as a hedge over the coming years. Not just from internet kids and contrarian investors but major institutions. A small shift in this allocation will send Bitcoin to a 6 figure price.
The Chart:
Bitcoin has broken up from a major falling wedge pattern. The volume spike is a massive tell. You can easily see the final capitulation followed by a very strong move upwards. 10500 is a key level and trading above here would provide strong conviction.
Comment:
Tracking very well. 13k next target within 2 months.
Comment:
13k target near hit to the day 2 months later. Nothing stopping it so far.
Comment:
20k target smashed. Sky is the limit.