Update: The recent price action is Bitcoin is bolstering our initial idea that the price of Bitcoin will continue to rise.
Our short-term target remains at 44461.5, then we're looking for a push towards 55478.9.
Bitcoin has been bullish for a few months now and we believe that the bullish price action is likely to continue, here's why.
1. Bitcoin is now considered legal tender in El Salvador.
This is a huge leap for Bitcoin , and it is likely to get the attention of big and small investors to go long, as its possible, that this may cause a domino effect with other countries to accept Bitcoin as legal tender as well.
2. Central bank money printing is likely to lead to inflation
With the value of fiat currency falling, people often look for places to 'park' their money as a hedge against inflation. If the inflation numbers come out and are higher than expected, this is likely to cause more people to invest into Bitcoin and other assets. Thus, raising the price of Bitcoin over the long-term.
3. Limited supply (scarcity)
There are only 21 million bitcoins that can be mined in total. With a limited supply this will ensure a scarcity value in Bitcoin.
4. Technical Analysis
Elliott Wave suggests that Bitcoin has completed Wave (C) of y of (II), this is a bullish sign that the next potential target for Bitcoin will hit a minimum of 44461.5 and an expected target for Wave (III) of 55478.9. If the price of Bitcoin breaks below 34630.0 we'll reevaluate our Elliott Wave perspective.
Let us know your opinion on Bitcoin, fundamentally and/or technically.
Cheers!
Our short-term target remains at 44461.5, then we're looking for a push towards 55478.9.
Bitcoin has been bullish for a few months now and we believe that the bullish price action is likely to continue, here's why.
1. Bitcoin is now considered legal tender in El Salvador.
This is a huge leap for Bitcoin , and it is likely to get the attention of big and small investors to go long, as its possible, that this may cause a domino effect with other countries to accept Bitcoin as legal tender as well.
2. Central bank money printing is likely to lead to inflation
With the value of fiat currency falling, people often look for places to 'park' their money as a hedge against inflation. If the inflation numbers come out and are higher than expected, this is likely to cause more people to invest into Bitcoin and other assets. Thus, raising the price of Bitcoin over the long-term.
3. Limited supply (scarcity)
There are only 21 million bitcoins that can be mined in total. With a limited supply this will ensure a scarcity value in Bitcoin.
4. Technical Analysis
Elliott Wave suggests that Bitcoin has completed Wave (C) of y of (II), this is a bullish sign that the next potential target for Bitcoin will hit a minimum of 44461.5 and an expected target for Wave (III) of 55478.9. If the price of Bitcoin breaks below 34630.0 we'll reevaluate our Elliott Wave perspective.
Let us know your opinion on Bitcoin, fundamentally and/or technically.
Cheers!