Analysts say Bitcoin is about to break: The crackdown is like silver, $ 5 billion in cash can flow into BTC
Some venture capitalists and macro investors believe that the price of bitcoin bitcoin will erupt as soon as consistent with Gold's recent surge. Dan Tapeiro, co-founder of Gold Bullion International, believes that $ 4.6 trillion in cash right now, could well flow into the precious metals and cryptocurrency markets. Moreover, other investors have noted that bitcoin is following the same silver trend it did in 12 years ago.
Nearly $ 5T in money market accounts can flow into Bitcoin market
People have been following the digital currency market that caused the storm due to the Covid-19 boom and government-led business activities. At press time, the entire market valuation of all more than 5,000 digital assets is still more than a quarter trillion. Recently, co-founder of Gold Bullion International, Dan Tapeiro, discussed a study published by research firm Refinitiv Lipper. According to the study, there are nearly $ 5 trillion ($ 4.6T) in money market accounts or cash.
Tapeiro thinks that the cash flow, at an all-time high, can easily flow into gold and bitcoin markets. Traditionally, when stocks, stocks and popular commodities plummeted, loose cash on the money market flowed into safe-haven assets. Tapeiro tweeted on Wednesday:
Record nearly 5 trillion dollars in cash. The most surprising dash is because they all bring close [zero]. Great opportunity cost compared to equity, gold, bitcoin. Such negativity / fear usually does not occur at the [market] peak. The wall of anxiety is getting higher and higher.
About 4.6 million dollars are sitting in cryptocurrency market accounts on June 17, 2020. Photo via Twitter, Dan Tapeiro.
Tapeiro has been talking about bitcoin and gold for a long time, and he can be seen reinforcing this topic in many videos. Some others agree with Tapeiro's claims, on Twitter, as one said: If the dollar collapses at some point, that just means people will start exploring the forms. replacement and more advanced currencies and values.
Bitcoin Bitcoin silver lining
In addition to co-founder Gold Bullion International, another analyst believes that BTC is currently being suppressed, much like silver took place in 2008 until the price of silver soared in 2012.
Photo via Twitter, Macnbtc.
Renowned cryptocurrency trader Macnbtc told his 33,000 Twitter followers that someone said [to] ‘check out how the price of silver has been suppressed in a recent tweet. Macnbtc emphasized:
This macro seems to increase AF, not negating that. But for now, let the Pig cool. Give me monthly or even weekly near $ 10,100 and I will be a cow.
Photo via Twitter, Macnbtc.
Trader John Morgan also told his 15,000 Twitter followers that he believes BTC is on a relentless path towards the $ 10K region, despite the number of attempts so far.
Price analysis of BTC BTC: despite the crack-down, BTC / USD non-stop on the $ 10,000 journey [and] bitcoin whales increased by nearly 10%, Drake Morgan explained in a recent tweet.
At the time of publication, the majority of USD 265 billion of market capitalization belonged to the top five currencies; BTC, ETH, XRP, USDT and BCH. There is about $ 13.55 billion today in global swaps (down -11% volume) and bitcoin (BTC) are trading between $ 9,300 and $ 9,450 each. Ethereum is trading at $ 234, XRP is $ 0.18 and bitcoin cash (BCH) is $ 238 per unit.