Sirwin
Sirwin
Bitcoin Hits 50K - February 12/13, 2024

Morning JAVA: It's Official. Bitcoin Hits $50K!


I made sure to brew a full pot of coffee for this post. Bitcoin, Ethereum, oil, gold and the dollar are up, up, up! Welcome to my inaugural post for my new series, 'Morning JAVA'. Cozy up with a hot cup of your favorite coffee in the morning for a good read.

Yesterday afternoon, a couple of sites announced that Bitcoin had hit $50K. So, I had a look and while it hit $49,941 in the morning, Bitcoin finally went to $50K around noon time and since, the price has hovered at or near $50K. As I write (8am Tuesday), the price sits at $49,920.

On January 11, Bitcoin was on a tear and almost clipped $49K. I speculated in a post at the time that when Bitcoin hit $48K, that it was poised to hit $50K at any time. Instead, the Bitcoin price was smacked down a good $10K to $38,678 by January 23. I had gotten wind that South Korean investors had unloaded for some serious profit taking, driving down the Bitcoin price. My opinion on that? They should have HODL'd!

I do feel some vindication as my speculative prediction of Bitcoin $50K has finally happened, albeit about a month later. This all comes on the heels of stock market record highs last week with the Dow, which hit $38K for the first time the week before that, charging higher to surpass $38.7K while the S&P 500 hit $5K for the first time.

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Some have been predicting a period of consolidation as we near the next Bitcoin Halving, set to occur this coming April. Has a pre-halving rally just begun? Bitcoin's surge has also lifted other cryptos including Ethereum, up more than 5%, Beam(X) up 17.75% and ORDI (Ordinals) up by 15%. 

Just in the last 24 hours, the overall crypto market rose by 3.5% for a total market cap of $1.88T with Bitcoin continuing to dominate with more than 52% of the total.

Gold, which briefly fell below $2018 around 10:30 last night, is also ramping upward. I've stated a few times before and I'll state it again, gold has a new bottom at or near $2,040. The last time gold fell below $2K was exactly two months ago today. Sure enough, the average since then has been... $2,040!

From here on in, gold is eventually going higher, especially with rate cuts on deck later this year and more money printing, aka quantitative easing. Just in time for an election...

Spot Gold - February 13, 2024

Having a look at the dollar, it is suddenly shooting straight up, I mean straight up! It's just gained more than half a point just in the last few minutes to 104.604 so something's going. See for yourself HERE. I think it has something to do with a CPI print due out this morning. I haven't seen the results yet but I'm guessing by the reaction of the dollar that someone does know ahead of time.

USD Up to 104.6 February 13, 2024

(This is unusually sharp!)

Oil is suddenly shooting higher as well.  WTI is up to 77.64 (up 0.72%) while Brent is at $82.69 per barrel (up 0.69%). Tensions continue to build in the Middle East instead of cooling down. I fully expect oil to go beyond $100 per barrel if things keep heating up like this.

As I sip my coffee, I ponder the moment Bitcoin hits $60K. We all know it will but nobody can say exactly when. The best thing to do is to hold on for dear life!

$100K, here we come!

Speaking of coffee...

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Peace and love to everyone.

Coffee drinkers love Morning JAVA! Follow my new series:

Morning JAVA: $18 Hamburgers! (19 Feb. 2024)

Morning JAVA: Hiking with Kevin Nealon (Feb. 16, 2024)

Morning JAVA: 10% Property tax hikes (Feb. 15, 2024)

Morning JAVA: A.I. My EYE! (Feb. 14, 2024)

Morning JAVA: It's official. Bitcoin hits $50K! (Feb. 13, 2024 Inaugural post)

 

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SweptOverNiagara
SweptOverNiagara

Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.


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