Bitcoin destroyed the bears and has produced a tremendous daily candle that has seen it settle above its previous local high at $24,300. Next stop $25,000 then on to $30,000 and above?
Bitcoin rampage
Carving through resistances like they weren’t even there, this is the bitcoin mode that is usually seen in bull markets. Talking of such, many may now agree that we could be in at the beginning of the next legendary bull market that may see bitcoin taking out the previous highs and moving on to $100,000.
The daily candle that bitcoin painted on Wednesday really was of epic proportions. 10.3% was what the king of the cryptocurrencies managed to put on yesterday. A feat not seen since an 11.6% daily candle on September 9 of 2022.
Last barriers to be overcome
Taking out the August 25 high of $25,225 is the last remaining obstacle that can open the door to $28,000 and then $33,000. As bitcoin was bottoming on November 21 at $15,500 not many would have thought that not even 3 short months later bitcoin would be anywhere near these sort of targets.
And once bitcoin gets above $25,225 there really isn’t much between it and the targets above $30,000. A huge momentum wave is crashing through the charts carrying bitcoin on top of it and it is likely to take a lot of stopping right now.
The old adage of “the trend is your friend until the very end” should possibly be heeded, and bitcoin has certainly put a new upward trend in motion. Another saying, which is probably more for the ‘degens’ is “Respect the pamp”.
Beware fiat currencies
Many people are worried about how their fiat currencies are losing value at an incredibly fast rate. High inflation robs them of their purchasing power, and many wouldn’t realise that even 2% inflation steals 50% of the wealth of a generation.
For the average person to keep fiat in the bank is a losing game that strips them of wealth far faster than they can create it. All fiat currencies throughout history have gone to zero, and the dollar, pound, euro, yen etc. will be no different.
Bitcoin is their chance to tap out of the appalling monetary system that has been inflicted upon us. Banks rob the population blind and governments just allow central banks to print more and more paper which holds less and less value.
Bitcoin is wealth that actually belongs to the individual that holds it, and not governments, their agencies, or any other third party. Hard times are coming and people will need alternatives. Bitcoin is one of these.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2023/02/bitcoin-blitzkrieg-pushes-through-resistances-with-ease