Bitcoin could be an investment option amidst global uncertainty

[FXOcrypto]

One of the advantages of Bitcoin is that it protects against inflation and devaluation of fiat currencies. Because Bitcoin supply is limited and its nature is decentralized. So it is not affected by government policies which tend to cause inflation.

As is the case in Argentina. Reporting from CNBC, Bitcoin demand in Argentina has reached its highest level in almost two years as the Argentine peso continues to experience a sharp decline against the US dollar. the value of the Argentinian peso against the US dollar has fallen significantly, from 0.0049 USD per ARS in March 2023 to just 0.0012 USD currently.

This condition has encouraged Argentine citizens to look for more stable investment options to protect their wealth, one of which is buying Bitcoin. According to data from Lemon Cash, a cryptocurrency exchange in Argentina, nearly 35,000 customers bought Bitcoin in the week ending March 10.

Bitcoin price is now trading around $70k. In 24 hours Coinmarketcap data shows Bitcoin price range at Low $66,414.83 and High $71,162.59.

Elitsa Taskova, Chief Product Officer at Nexo, thinks Bitcoin could soar to $100k if miners can increase their holdings without immediate sales. On the other hand, the price may fall to $40k if the mining facility is forced to liquidate assets for operational funding.

On the Ticktrader chart today Bitcoin is moving above the middle band line. After successfully breaking the median level of the Bollinger band, the price formed strong bulls with a small shadow on the top candle.



On the daily timeframe the Bollinger band appears to still form a flat channel, an indication of a sideways market with a slightly narrowed band, an indication of reduced volatility.
MA 50 still has the same structure, below the lower band forming an upward channel indicating an uptrend market.
The RSI indicator shows a value of 59, which means the price is above the uptrend level.

 

[Heatman]

The way I saw the bullish market return was crazy. I never expected the run to break the previous all time high as fast as it did. It was very shocking. Although, with the new all time high now, we are going to be seeing more of retractment and going up.

 

[FXOcrypto]

Although many Bitcoin investors believe in bullish sentiment on Bitcoin, such as Robert Kiyosaki who says Bitcoin is the perfect asset. But on the other hand, some investors are skeptical of Bitcoin. Recently JP Morgan analysts warned of a decline in the value of Bitcoin as the price now remains in the overbought area.

 

[Heatman]

Although many Bitcoin investors believe in bullish sentiment on Bitcoin, such as Robert Kiyosaki who says Bitcoin is the perfect asset. But on the other hand, some investors are skeptical of Bitcoin. Recently JP Morgan analysts warned of a decline in the value of Bitcoin as the price now remains in the overbought area.

There's always going to doubters of the project of Bitcoin. If there isn't, that means the cryptocurrency have been generally accepted which isn't so at the moment. I actually believe in the analysis of JP Morgan because of how we have seen the price movement take course as of late.

 

[FXOcrypto]

There's always going to doubters of the project of Bitcoin. If there isn't, that means the cryptocurrency have been generally accepted which isn't so at the moment. I actually believe in the analysis of JP Morgan because of how we have seen the price movement take course as of late.

Indeed, up to now, Bitcoin seems to still be stuck at $70k, but on the other hand, Bitcoin Cash, which is a hard fork of Bitcoin, actually rose this week, gaining more than 40%. This may be a unique phenomenon of cryptocurrency.

 

[Riberet19]

Bitcoin is without a doubt one of the best assets against inflation and even leaving quite ample investment returns if we compare it with quantified inflation, I have been in Bitcoin since 2019, it is not a long time, but long enough to have studied it in depth and believe In it in long term, there is too much hustle and bustle with the institutional issue, but I hope it dissipates and we will see what happens with it until the end of the year and all of 2025.

 

[FXOcrypto]

Bitcoin is without a doubt one of the best assets against inflation and even leaving quite ample investment returns if we compare it with quantified inflation, I have been in Bitcoin since 2019, it is not a long time, but long enough to have studied it in depth and believe In it in long term, there is too much hustle and bustle with the institutional issue, but I hope it dissipates and we will see what happens with it until the end of the year and all of 2025.

Bitcoin's growth since the beginning of 2024 has been significant in the bull market, even reaching a new all-time high in mid-March. However, currently Bitcoin is still stuck at the $70k level, this area is a crucial zone at the moment, so leading crypto analysts such as Michaël van de Poppe warn of a possible Bitcoin correction that could reach $60k.

#bitcoin #ticktrader