Bitcoin smashes all time high. Bears absolutely devastated.
Breaking News! Bitcoin smashed the all time high today and soared to a whopping $66,967 (Price source: investing.com). Many bears are devastated as they said it would not reach another all time high this year. This means 100% of buyers in Bitcoin history are now currently profitable. Bitcoin has been the best preforming asset of the last decade. This brings Bitcoin’s market cap to over $1.2 trillion US dollars.
Many people are speculating that what brought the all time high price was the fact that 80% of whales are currently HODLing Bitcoin as well as the fact that the first Bitcoin ETF was released yesterday. (Ticker symbol $BITO.) $BITO did over 1 billion in volume on it’s first day and hauled in over $570 million in assets.
Bitcoin Bulls took to twitter to celebrate and many Bitcoin Bears deleted their twitter accounts. Including the famous investor Michael Burry of The Big Short who recently deleted his account after tweeting he was going to short bitcoin. In the meanwhile Bitcoin Bulls celebrated with Michael Saylor and Anthony Pompliano tweeting non-stop.
So what is next for Bitcoin? Will we see higher highs or will we get a nice pullback? Well it is safe to say we are in uncharted territory as Bitcoin price has never been this high before. My personal bet is that the Bitcoin price increases and follows the famous “Stock2Flow” commodity model. What do you think is going to happen to bitcoin price? Let me know your thoughts in the comment section below!
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