Bitcoin has destroyed the bears and has created a remarkable daily candle that has seen it settle higher than its previous local high of $24,300. Next stop $25,000, then $30,000 and beyond.
This is the bitcoin mode, which is often seen in bull markets. It is characterized by overcoming resistances like they were never there. Many may now agree that bitcoin could be at the beginning of the next legendary bull markets that could see bitcoin surpass the previous highs and move on to $100,000.
Bitcoin’s Wednesday daily candle was truly epic. Yesterday’s record-breaking 10.3% was achieved by the king of cryptocurrency. This feat was not possible since the September 9th, 2022 11.6% daily candle.
Last hurdles to be overcome
The last obstacle to getting to $28,000 or $33,000 is removing the August 25 high at $25,225. Many people would have believed that bitcoin would reach these targets 3 months after it hit its peak on November 21st at $15,500.
Once bitcoin reaches $25,225, there isn’t much between that and the $30,000. It is likely that there will be a lot more stopping this huge momentum wave that is crashing through charts with bitcoin on top.
It is worth remembering the old saying that “the trend will be your friend until it ends”, and bitcoin has certainly set a new upward trend. “Respect the pamp” is another saying that is more applicable to the ‘degens”.
Beware of fiat currencies
Many people are concerned about the rapid decline in value of their fiat currencies. High inflation can rob them of their purchasing power. Many people don’t realize that even 2% inflation can steal 50% of a generation’s wealth.
The average person will lose their wealth faster than they can make it. History has seen all fiat currencies fall to zero, including the dollar, pound and euro. It will not be any different.
Bitcoin is the chance for them to escape the terrible monetary system that has been imposed upon us. Banks rob the people blind, and governments allow central banks to print more paper with less value.
Bitcoin is wealth that belongs to the person who holds it, not governments, their agencies or any other third parties. People will need alternatives when times are tough. One of these alternatives is Bitcoin.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.