Bitcoin (BTC) is currently experiencing a notable price increase, effectively boosting the entire cryptocurrency market. The recent surge has attracted the attention of various experts in the field, one of whom is a cryptocurrency strategist nicknamed TechDev. In a recent post on the popular social media platform X, TechDev highlights that Bitcoin, often considered the king of cryptocurrencies, is ready to enter a “boom” phase, citing the reversal of long-term data as evidence. According to TechDev, a specific signal occurs approximately every 3 to 3.5 years, indicating that the market capitalization of Bitcoin is expected to increase significantly in the upcoming months. Every 3 to 3.5 years, this signal indicates that Bitcoin will explode. pic.twitter.com/OQkoCVgbwH – TechDev (@TechDev_52) October 28, 2023 Analyzing TechDev’s detailed information about Bitcoin Analyzing the complex dynamics at play, TechDev’s chart emphasizes the attractive correlation between China’s 10-year bond yields and the US dollar index, indicating that when China’s bond yields decrease relative to the strength of the US dollar, the price of Bitcoin is predicted to increase. 10 $BTC/#NASDAQ breakthroughs are not to be missed. pic.twitter.com/NmW7n5kiKe – TechDev (@TechDev_52) November 1, 2023 Simply put, it implies that when China’s long-term bond yields decrease relative to the strength of the US dollar, the likelihood of Bitcoin’s value rising escalates, possibly due to changing investor psychology and increasing demand for alternative assets. Furthermore, TechDev highlights Bitcoin’s historical breakthroughs compared to NASDAQ in recent years, underscoring the importance of these breakthrough moments. These cases serve as strong signals for investors, indicating the significance of not overlooking the potential significant boom of Bitcoin compared to the renowned stock exchange. Bitcoin currently trading at $34,610 on the daily chart: TradingView.com Cathie Wood’s Vote of Confidence In addition to the optimistic sentiment surrounding Bitcoin, renowned financial figure Cathie Wood, head of Ark Investment, has expressed strong belief in Bitcoin as a hedge against potential hidden inflation risks. In a recent interview on Bloomberg’s Marin Talks Money podcast, Wood was asked about her preferred assets to hold over a decade. Without hesitation, she clearly favored Bitcoin over gold or cash, highlighting its unique features that make it an effective protection measure against both inflation and deflation. Wood emphasizes Bitcoin’s potential for capital recovery amidst partner risks, along with its decentralized nature that tends to deter excessive intervention from organizations. Describing Bitcoin as the “digital gold” of the contemporary financial field, Wood’s endorsement further enhances the credibility of Bitcoin as a resilient and promising investment option. The current price of Bitcoin on CoinGecko stands at $34,557, with a slight 1.8% decrease in 24 hours and a modest 1.3% increase in seven days. These fluctuations further highlight the dynamic nature of the cryptocurrency market and the ongoing developments that shape Bitcoin’s value trajectory. Amidst these fluctuations, the general sentiment remains optimistic, emphasizing the increasing recognition of Bitcoin’s importance in the context of global finance. (The content of this page should not be understood as investment advice. Investments carry inherent risks. When you invest, your capital is at risk). Prominent image from Freepik.
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