Listen to the latest market mood for the BTCUSD.
Bloomberg Intelligence had a recent report on Bitcoin where they projected Bitcoin could rise to $100,000 in the next 5 years. The Bloomberg intelligence piece had a number of key points.
There is limited Bitcoin supply in a very favourable macroeconomic environment (low rates, QE etc). As stocks underperform that encourages even more QE and rising debt to GDP ratios. These are tailwinds for gold and bitcoin (via a weaker USD). There are favourable trends in decentralised finance (DeFi) and exchanges (DEXs. About 90% of the 21 million Bitcoins that will ever be mined have been. Bitcoin looks to be the leader in a paradigm shift towards digital money and stores of value.
Therefore expect BTCUSD buyers on a trend line break on the weekly chart.
- Heavy risk-off markets result in Bitcoin falls.
- A change in Bitcoin’s appeal as the go-to cryptocurrency.