After taking a small dip just before the weekend, Bitcoin is looking strong and is showing strong upward momentum retesting a break of the $12k level. There have been many recent events that will provide strong tailwinds for Bitcoin going forward. With rising inflation practically guaranteed within the near future due to the massive influx of fiscal stimulus that has been pumped into the economy Bitcoin is shining as a protective inflation hedge. Large financial institutions such as Fidelity have expressed interest in offering their clients exposure to Bitcoin as a solid investment. As of this post precious metals are also showing strength with both gold and silver up for the day. The price of Bitcoin has closely correlated the price of precious metals as investors seek to hedge against the looming fear of rising inflation. Currently the price of Bitcoin is $11700 and altcoins are up across the board with the exception of Tezos and Chainlink are up showing strength in the broader Cryptocurrency markets. A break above the key psychological level of $12000 would give investors faith in the price rising further and a run up to $13000 would not be off the table.
I recently converted my Tezos holdings to Bitcoin as I see the price of Bitcoin rising substantially higher with the entrance of large financial institutions buying Bitcoin. Altcoins should see gains but not at the expected rate that I foresee happening with Bitcoin. The price of Tezos has been rather stagnant lately as the thirst for DeFi related crypto has been eclipsing the staking sector of crypto.
It remains to be seen if this was a wise move on my part. Good luck to all of you fellow crypto investors out there!
King of Stake 