How long do you think Bitcoin’s pump will last?
The devastation of three crypto-linked banks (Silicon Valley Bank, Signature Bank & Silvergate Bank) has nothing on Bitcoin. Indeed, the blue chip of crypto is growing from strength to strength these days. People were pleasantly surprised when it held above $25k. Now, they are exhilarated that Bitcoin has surged past $27k as they seriously contemplate whether this increase represents a bull trap or a bull run.
Economist Alex Kruger even tweeted “Long Bitcoin, short the bankers”.
Reasons that could explain the rise in Bitcoin include investors realising that it might not be the best idea to park their money in stablecoins - given USDC’s woes - and swapping them for Bitcoin, BINANCE converting its crypto industry recovery fund from BUSD to Bitcoin, and even traditional markets expecting interest rate hikes to be lower. Of course, no one knows exactly but it’s fun to speculate the likely reasons.
Similarly, do you think Bitcoin’s current pump will be short-lived, as adrenaline-pumping it may be? And that we will witness prices below $20k again sooner rather than later? Or are you of the opinion that it has broken past the resistance level and will henceforth start crabbing at say, $24-25k?
originally posted on r/cryptocurrency
