The rally in BTC is on its highway! It passed the distance from $12K to $13K with almost no drawbacks and even managed to touch $13369 briefly. As of today we already have the highest weekly closing since 2018, and right now the trades still go a bit above it. A pretty pleasant view, I'd say.
The market analysts praise Paypal for the rally. Well, they're pretty much right, because theoretically, if a miserable 1% of 350M Paypal's users worldwide decide to buy a miserable $100 of crypto -- it means a $350M inflow into BTC market. Not that big money, but still something. A billion here, a billion there, and pretty soon you're talking real money, as Mr. McKinley, a US senator, said allegedly.
And that real money seem much on their way towards BTC market, as hedgefunds guys become once again interested in crypto games. I think, as Bloomberg and CNBC are rolling out more and more crypto-related headlines, the guys've recalled the 2017 crypto hype. However, I think that the guys need some more time to drag their cryptoinvesting ideas through their bosses, directors boards, and shareholders commissions.
What actually bothers me is that this time the altcoins didn't follow the BTC rally. I think, in 2017 all coins looked pretty much equal, and every Joe Average wanted to have his share in any coin he could get. Moreover, the "newer" was a coin, the more attractive it looked, because it could double, triple or even hundredaple within months, if not weeks. Some of them did so, eventually. But by today we've already had a nice cemetery of dead shitcoins, and people are much less willing to put their money into an uncertain stake, especially if those people are guys managing millions of their clients' money.
Shortly, I believe that in the coming days the rally will continue and by the end of the week BTC can touch $13500, if not $14000. However, after that I'd expect some kind of reaction or correction. And I don't believe that the altcoins will ever rally this time. Most of them are dumping now as long as people are selling their alts to get more BTC, and the alts will dump even further when a correction occurs in BTC. The institutional money is not interested in altcoins anymore, no matter what brilliant ideas might stand behind an altcoin. The funds want BTC and moar BTC!
I made this note about an hour before Monday's session to start at NYSE and BTC is at $13140 right now. Let's see if I'm right with my "price predictions". It will be an interesting week for the crypto traders, I believe.
Disclaimer: I put this article in all my blogs I could remember, so please don't email me about "plagiarism".
