I always write about this basic idea when it comes to any investing: which way is the market going, up or down?
If you know, you are in great shape; if you don’t, you should not be playing at all.
This is the question on bitcoin.
All last year I was saying, “It’s going down, hopefully to about $2,500.” It hit the low $3,000s.
Now bitcoin is going up and I will be saying “It’s going up.” I think it will hit $6,000 soon and go on to $10,000.
At $10,000 I will look to recalibrate.
For now the crypto winter is over.
This is a simple chart with some guidelines and there is a clear pathway upwards.
There is apparently a lot of China interest in crypto right now, with tether selling at a premium. This makes sense if the market considers a yuan dollar depreciation on the cards. Tether has been shown to be resilient, even if it is still a controversial coin. It remains a good place to stash capital from short-term moves, be that from bitcoin volatility or ‘fiat’ privations.
Money flowing into stablecoins is going to lift bitcoin because fundamentally money flowing into crypto is what sustains and raises prices.
Bitcoin and altcoins have to have positive money flow because they are…
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