Bitcoin’s crypto winter is finally gone today, as the Bitcoin price has broken above a critical barrier level of $30,000. Bitcoin has already recovered about half of its losses from its all-time high, and it is up more than 100% from the crypto winter lows.
Bitcoin FOMO Is Back
The present price pattern is expected to generate a lot of attention, as well as FOMO among investors, many of whom have already missed out as the price has regained its significant losses. Yet, we do feel that the moment has come to be a strategic investor in cryptocurrency, since we believe that the path of least resistance for Bitcoin is skewed to the upside and that the present surge is simply the beginning of what is to come.
Bitcoin and Dollar
The idea of the dollar as a reserve currency has been disturbed, and many people have already begun to look at alternative currency pairings to begin trading oil and other commodities. Russia, Saudi Arabia, China, and Iran are just a handful of the nations that have begun to lose faith in the dollar, making bitcoin more appealing. Having said that, we believe it will be a long time before we see governments trading with bitcoin, but it is the greatest choice in the meanwhile.
Bitcoin Is a Beast
For those who do not believe, Bitcoin has once again shown that it is a beast capable of overcoming any setback. Note that the present bitcoin rise is occurring at a time when authorities have taken the most stringent stance against the crypto sector. Yet, we believe that the present approach taken by US lawmakers is really benefitting Bitcoin, since institutional investors now have a clearer avenue to invest. The issue is whether those who have labelled bitcoin “rat poison” will reconsider. During the last bull run, many sceptics began the process of giving bitcoin to their customers using third-party solutions, but now that rules are becoming clearer, they will be able to do so more openly.
Bitcoin’s Future
Another uncertainty facing crypto investors right now is what the future price movement will look like. The most essential thing is that the price continues its surge from here on out without losing momentum. It is very conceivable that some profit taking may occur at the present level, but given the momentum, it is extremely probable that the price will continue to rise. This suggests that the next significant barrier level will be 50K, but first the price must surpass previous resistance levels such as 40K.
The weekend will be crucial for bitcoin once again, and it is probable that as we approach the weekend, we will see some momentum build up, and on Monday, we will see significant changes for bitcoin—just like previously.
