Bitcoin price has been trading bullishly since last week. However, for a couple of days this week, the largest cryptocurrency price was stuck between the key support at $10,800 and the former resistance at $11,000. On Wednesday, Bitcoin bulls renewed the bullish case with gains reclaiming the lost ground above $11,000. Unfortunately, the bulls failed to sustain the price action above $11,300 neither did they test the newly traded yearly highs at $11,400.
As for the CEO and founder of Galaxy Digital, billionaire Michael Novogratz, Bitcoin is already on the path to 20,000 but first, the crypto will hit highs above $14,000 in October. According to Novogratz, one of the factors that will propel Bitcoin to $14,000 in three months is the increase in inflation rates. In addition, attention is shifting from the traditional stocks market to either Bitcoin or gold.
Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun, yesterday you saw a lot of money shift back over to gold and bitcoin.
Novogratz is confident that gold will continue with the rally it has nurtured in the last few months. Last week, the precious metal hit a new all-time high. Gold has been around for thousands of years and according to the CEO, it is pretty straight forward to investors. On the other hand, Bitcoin requires a degree of adoption that excites investors.
Gold has been around for 3,000 years. It’s pretty easy to buy. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.
As the US process the second stimulus package ($1,200) to its citizens, liquidity in digital markets and especially Bitcoin is bound to increase. Bitcoin offers a better alternative in terms of investment when one needs to avoid the risk of inflation.
Reprinted from fxstreet , the copyrights all reserved by the original author.
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