A critical previous high has been crossed! BTC broke the level of $1237, as indicated by the heavy green line on the chart. This is the first target I have been looking for in order to feel more comfortable about the viability of a new bull run beginning. The previous high point was set on August 6th of 2019. There is one more intermediate higher high previous to the August 6th price, but my eyes are on the ATH set on June 26th, 2019 for an absolute confirmation of the bull market that will erase every shadow of a doubt in my mind. Chances are highly likely, in my opinion, that the June 26th ATH of nearly $14,000 (heavy purple line) will be broken because we are seeing a steady trend of upward movement since the March 16th, 2020 bottom after the stock market crash.
We still need to keep our eyes on the stock market, though. Another stock market crash could negate this bull run. But from the looks of it, the Fed doesn't seem to be giving us any indication that they won't artificially prop up the market to prevent another dive. That's my only area of concern. I'll be keeping a close watch on the strength of the dollar, the movement of Gold and Silver, and the reaction of the Feds. But for now I think it is safe to say that the optimism about a bull run is justified.
With the relentless printing of the dollar and limitless quantitative easing being pushed by the US government, I'm starting to think that hanging on to the US dollar in savings is not a good idea. For the first time ever, I am seeing investors viewing Bitcoin along with Gold as a hedge against impending inflation. It might take a while before the dollar completely loses value, but I don't see any way out of that. I've never been one to park savings into Bitcoin because of the volatility, but it might be a good idea to consider holding savings in BTC in order to prevent your buying power from slipping away.
I'm going to move forward and continue rolling the dice, betting on the crypto sector. But don't make any moves based on my feeble opinion. I'm not your financial advisor. I'm just a squirrel trying to get a nut, and save up for the "winter" when the dollar goes to CRAP. What is YOUR opinion about the future of the dollar, and the US economy? I'd love to hear it!
Carlton Flowers
The CryptoPro
We still need to keep our eyes on the stock market, though. Another stock market crash could negate this bull run. But from the looks of it, the Fed doesn't seem to be giving us any indication that they won't artificially prop up the market to prevent another dive. That's my only area of concern. I'll be keeping a close watch on the strength of the dollar, the movement of Gold and Silver, and the reaction of the Feds. But for now I think it is safe to say that the optimism about a bull run is justified.
With the relentless printing of the dollar and limitless quantitative easing being pushed by the US government, I'm starting to think that hanging on to the US dollar in savings is not a good idea. For the first time ever, I am seeing investors viewing Bitcoin along with Gold as a hedge against impending inflation. It might take a while before the dollar completely loses value, but I don't see any way out of that. I've never been one to park savings into Bitcoin because of the volatility, but it might be a good idea to consider holding savings in BTC in order to prevent your buying power from slipping away.
I'm going to move forward and continue rolling the dice, betting on the crypto sector. But don't make any moves based on my feeble opinion. I'm not your financial advisor. I'm just a squirrel trying to get a nut, and save up for the "winter" when the dollar goes to CRAP. What is YOUR opinion about the future of the dollar, and the US economy? I'd love to hear it!
Carlton Flowers
The CryptoPro