Sirwin
Sirwin

Bitcoin already in $61,000 even before the Halving!

By Flakpanzer | Beyond Crypto | 28 Feb 2024


This Blog should not contain crypto, but as the events happening now is more likely driven by outside forces rather than BTC itself or innovations within crypto space, I had to put it in this Blog as well. Bitcoin is now rallying above $62,000 as of writing. Halving is a few months away, and yet the price has surged ahead of it.
What is fueling this sudden climb? Where is the money coming in from? I cant even write without updating the price as every few minutes the values seems to go up further.

Is it coming from the Bitcoin ETFs? Compared to the last rally, BTC now has the backing of more smart money than mere "dumb" money as what happened in 2021.

For me, I was wondering why there were so many insider sell-offs in the US market in the last few weeks, with Insiders dominating the sales of shares among various companies. Where is this money heading to now? And the big difference is, the ETFs are only limited, and not including even most of the survivors among the cryptocurrencies of 2021. So my guess is, this is a reason why alts seem to be lagging for the most part (compared to the 2021 peak).

The price action of Bitcoin seems oddly to coincide with the release of the report on weak growth, along with the drop in the Dow today. So is the money that was had in stocks for the past few months ready to shift out to the crypto space?

Still, I am cautionary regarding the US economy and the world in general, and personally i would prefer against going all out on investments in such a volatile point in time, regardless if BTC surges to $70,000 or higher. Recession is still just around the corner, and its hard to hide behind the $34TN debt of the US at this point.

 

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Beyond Crypto
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