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Market Mood BTCUSD 09.10.20

Market Mood BTCUSD 09.10.20

Market Mood BTCUSD 09.10.20

in Daily Forecasts

Listen to the latest market mood for the BTCUSD.

A recent piece by Bloomberg intelligence made a case for Bitcoin to reach $100,000 within 5 years. The heart of the thinking was that Bitcoin was now an established instrument and was behaving like digital gold. Low-interest rates and large amounts of Quantitative Easing devalue currencies so this adds to the attraction of Bitcoin. The expectation of a US stimulus bill is also weakening the dollar which supports both gold and Bitcoin.

The number of institutional investors moving into Bitcoin is growing. Just yesterday Square announced that it had bought $50 million worth of Bitcoin. This is adding to the $400+ million already bought by Micro Strategy.

Bitcoin has broken out of a daily trend line, so buyers will take a low-risk entry here and limit risk to the other side of the trend line. With Biden ahead in the polls and the possibility of a Democrat clean sweep will mean more potential upside in commodities, and Bitcoin along with it.

Expect Bitcoin buyers at market.

Trade Risks:

  • If Biden falls behind in the polls then the USD will strengthen and invalidate this outlook.
  • A daily close back below this trend line will invalidate this outlook.
  • A heavy risk-off mood will invalidate this outlook too as equity selling weakens Bitcoin.

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Legal Forms & Documents

Risk Warnings

Cookies Policy

Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

* Cryptocurrencies are not available for trading under HYCM (Europe) Limited and Henyep Capital Markets (UK) Limited (retail clients only).

*Any opinions made in this material are personal to the author and do not reflect the opinions of HYCM. This material is considered a marketing communication and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. HYCM does not take into account your personal investment objectives or financial situation. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of HYCM, a third party or otherwise.

Copyright © 2023 HYCM