Bitcoin looks like it is finally in full bullish mode. Since breaching the $10K resistance, the asset has looked unstoppable. In the last 24 hours, it has added over 6% to reach $11K. There was an expectation that the asset would face resistance at the $10.5K and or the $10.8K range as investors cashed out, but Bitcoin has come out strong.
Its latest move coincides with Gold’s rally that has seen it nearly reach $2,000 and set a new all-time high. Silver which has also been a long time option to Gold is also on a roll having recently gone above a 6 year high.
The growth of the three, has again been an indication of investors concern of a growing global-national debt and fear of inflation. As countries continue to print money, it loses value, much like diluting a beer. You get more but you loose some value.
Bitcoin vs Gold
The debate on which of the three is better suited and especially Gold versus Bitcoin remains unsettled. Bitcoin critic and Gold evangelist Peter Schiff recently pointed out that one of the reasons he believes Gold will outperform Bitcoin is because of overhead resistance. Gold is now at its all-time high. Just like when Bitcoin reached $20K back in 2017.
At these new highs, there is no limit, no overhead that might slow or stop it, the sky is the limit.
With Bitcoin, there is a sense that once it reaches $20K, this will influence investors in a major way and could lead to slow movement henceforth.
Of course, the Bitcoin enthusiasts do not think that this is an issue with most expecting Bitcoin to reach $50K and all the way to $100K in the next few years.
Additionally, the is the issue of Bitcoin being better suited as money as well as a safe haven, and out of the rich of third parties such as the government.
It is clear that the bulls are in the ongoing bullish wave targeting $12K before there is a retracement.
The $11K range will also be a cruise especially now that traders and speculators are coming back. In the last 24 hours trading volume has climbed to $35B, $20B more than there was a week ago. Its performance further sees the assets market cap reach $200B.
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