The Dollar Losing A Decade Long Trendline Could Send Bitcoin Skyrocketing
The year was 2009 and the dollar had just recovered from The Great Recession. Bitcoin was born and grew up while the dollar regained its throne. After ten years of strengthening, the pandemic and associated monetary response to sustain the economy, caused the almighty dollar to weaken again. And according to the Dollar Currency Index […]
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Since 2010, inflation has turned $1 into 84 cents while $1 invested in Bitcoin would be worth $274,000. Bad news — the increase in the Bitcoin (BTC) price over the past decade may have been overstated because of the accompanying fiat inflation. Since Bitcoin is typically denominated in fiat — United States dollars usually — it is not immune to its depreciation.Bitcoin price versus Bitcoin price adjusted for inflation. Source: Cointelegraph.In the decade that followed the economic crisis, the U.S. enjoyed some of the lowest inflation in history, which hovered around 2% annually. However,....
Nothing can keep the U.S. dollar index (DXY) down this year, and concerns over its impact on assets beyond crypto are spreading. Bitcoin (BTC) found a new focus just under $20,000 on July 14 as U.S. dollar strength hammered out yet another two-decade high.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDXY moves bring yen, euro into focusData from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding from lows sparked by a fresh 40-year high for U.S. inflation as per the Consumer Price Index (CPI).After briefly dipping under $19,000, the pair took a flight above....
Since Bitcoin’s genesis block, central banks around the world have been debasing their fiat. The post A Decade Of Dollar-Denominated Debasement Debauchery appeared first on Bitcoin Magazine.
Yesterday's in-depth analysis identified a Bitcoin price channel that forecasts a potential decline low near $200. This low is not a foregone conclusion but remains a potential target as long as price remains below the critical trendline that has provided long-term support and resistance since early 2012. Weekly Bitcoin Price Channel. Here is the weekly BTC-China chart that was presented in yesterday's longer-term analysis: The red dot indicates where price had initially bounced upwards from the critical line of support (red dotted trendline). During last week's sell-off the trendline was....
The masses are bearish on Bitcoin. The market is convinced that prices below $30,000 will be revisited given the continued weakness in the top cryptocurrency by market cap. All eyes are on the massive “bear flag,” but could it instead be a bear trap? Bitcoin price continues to grind along a decade long parabolic trend line that in the past has put in several mid- to long-term bottoms. Here is a closer look at a currently unbroken trend line that BTCUSD must hold for continued parabolic momentum and what it could mean if we get a bounce from here. Unbroken Decade-Long Parabolic....