The reason bitcoin has broken out of its sideways trend is because a huge group of people want to own it. It’s not a niche craze; there is as much interest in it as equity trading.
Bitcoin has broken out of its sideways trend and this is highly likely to spark a rally to $6,000. There is apparently no acute reason for this move and people always want to know who caused something and have a pressing reason why.
The ‘why’ is simple. A huge group of people, including myself, love crypto and want to own it. Bitcoin and its ilk is not a niche craze. There is as much interest in it as equity trading amongst the man/woman in the street. This interest is particularly strong among young people, the so called Millennials. They love crypto. If they were not in the ‘poor’ period of their economic lives, bitcoin and ether, etc.
However, let’s not waste more “hash power” preaching the intuitively obvious; what now for the price of Bitcoin and crypto? I think $10,000 for BTC in the coming year is quite possible, then the question will be, is this a long-term rally to the $100,000-plus levels the true believers predict or will it follow a more disappointing path, one followed by commodities in the 1970s?
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