Bitcoin has just made a new high for 2023 as the price crunches through resistance to hit $38,800.
The bitcoin story continues
The bitcoin story continues as this bull market for crypto just keeps on getting better. With the world in full financial meltdown there is one asset class that is proving the doubters wrong, and that is the crypto sector.
The undisputed king of the cryptocurrencies is obviously Bitcoin, and this giant that is taking the role of digital gold, is marching serenely on as fiat currencies debase, bonds take a mauling, and most equities struggle to survive.
Source: Trading View
New bitcoin local high - more to come?
On Friday, bitcoin, which had been hammering away at the $38,000 resistance since 9 November, looks to have possibly broken through. Of course, bitcoin needs to hold above the upward tilting triangle still, which if it does, would be extremely bullish.
Many have sold at each new resistance, believing that the next really decent retrace will happen, and they will be able to buy back a lot lower down, thereby increasing their position. However, for the most part, bitcoin’s dips have generally been pretty shallow, and those thinking to trade rather than to just hold, have been caught out.
Bitcoin is a ticket to safety
One thing does look like a rather good bet, and that is that bitcoin is going a lot higher from here. Yes, there will be retraces, and 20% to 30% dips are bound to come eventually. Be that as it may, bitcoin has a date with the 0.618 fibonacci level that comes in at $48,000.
Whether the first of the big retraces happens here, or even higher, or before the price even gets there, it doesn’t really matter. Holding bitcoin is potentially a ticket to safety for the next two years at least. After that is anybody’s guess, as the 4-year liquidity cycle starts to turn back downwards again.
Bitcoin is safety and it is freedom. Once the Spot Bitcoin ETF has been granted the institutions will start to move in. Who knows if this is a good thing or not? Regardless, bitcoin is for everyone, and that’s even the banks. Make sure you are on the right side of history.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
