It’s all about the Benjamin’s
With BTC futures trading as calm and stable as ever before we have to ask ourselves when this period ends and BTC breaks which direction will it favor? While the fundamentals are bullish we cannot ignore the descending top BTC has yet to break on every attempt is vastly approaching. Currently this resistance channel sits at approximately $10,000.
Make no mistake I firmly believe that Bitcoin will break out of this descending channel; however I also believe this will only occur after a correction to around $7,000 has occurred and will likely take place at the start of 2021.
When BTC does finally take this level out it will likely give way to the biggest rally Bitcoin futures have ever seen. The true safe haven assets the precious metals all have been trading higher and will likely continue to do so; meanwhile the U.S. dollar has been dropping like a fly and has fallen beneath its long term 50% retracement that had provided support for almost the last two years. With the U.S. getting hit worse with the corona virus pandemic it will likely enter a period of stronger hyper-inflation than the rest of the world and therefore the U.S. dollar will likely revisit the level just below 90, this is almost six points below where it stands today, and hasn’t been seen since 2017. Both the precious metals as well as Bitcoin will both stand to benefit greatly from this.
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