As the U.S. stock market fell about half a percent today, Bitcoin surged over 10%, reclaiming $25,000 for the first time since June.
The recent price increase could be due to a variety of factors…
First, we got the news that two of the biggest Mt. Gox creditors have elected to receive 90% of their bankruptcy claims in Bitcoin. That means there won’t be as much immediate selling pressure from these creditors as previously expected.
Then, the positive reaction to the U.S. Consumer Price Index, which showed a slight decline in inflation, may have contributed to the rally in risk assets like Bitcoin.
Next, concerns about increased regulation of stablecoins, such as Binance’s BUSD token, have already been absorbed by the market, which should have contributed to the easing of regulatory fears.
All of these factors led Bitcoin to bullishly bounce up and off its first weekly “death cross” ever where the 50-week moving average briefly crossed through the 200-week moving average to the downside.
Then, the popular relative strength index (RSI) momentum indicator diverged bullishly on the weekly chart, confirming an end of the downtrend.
And finally, Bitcoin’s next difficulty adjustment is expected to increase to a new all-time high hashare of 41.5 TH/s.
All of this led investors to liquidate ~$70 million of BTC short positions, further pumping the price.
So, where does Bitcoin head next and will the rally continue?
Well, I correctly predicted the 2020 bull run, saying Bitcoin will hit $55,000. Technically, I was wrong because it reached $69,000…
But because the next Bitcoin halving expected in March 2024 is not currently priced into the market and it will be soon, we should easily reach new all-time highs before the end of next year.
JPMorgan Says Bitcoin Could Hit $130K
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JPMorgan says Bitcoin could climb to $130,000… And other Wall Street institutions predict it could go much higher.
But these financial titans are missing out on bigger opportunities with smaller, little-known coins. 99% of retail investors don’t even know these coins exist either.
These are opportunities that could make even Bitcoin’s growth look like a horse-drawn buggy next to a Ferrari!
In my urgent new crypto briefing, I reveal how anyone can get in on these coins while they’re still cheap and out of the public eye!
