BTC/USD Daily Chart
Bitcoin Is Becoming an Increasingly Attractive Store of Value and Safe-Haven As Fear of Inflation Continue To Intensify: Institutions are currently getting involved in the Bitcoin market as some expect Bitcoin to become a digital alternative to gold. The demand for Bitcoin is evident in the growing influx to the Grayscale Bitcoin Trust and massive Coinbase outflows.
Bitcoin Coinbase Pro outflow. Courtesy: CryptoQuant.com
BTC Market Is Still More Speculative Than One That Follows Rules of Traditional Trading Based on the Fundamentals and Technical Analysis: It is important to remember that the BTC market is still more speculative than a market that follows traditional trading rules based on fundamental and technical analysis. The most recent example of the ‘Elon Musk pumping effect’ with BTC price surging from $32,500 to $38,000 in a matter of minutes. This depicts how speculative the market is at the moment. In all, increased institutional adoption is anticipated, on Thursday, MicroStrategy is meeting with 1400 public companies to talk about Bitcoin and its merit as a store of value.
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