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The Reasons Why Bitcoin Is Going Up In Price:
The FIRST, that most people are talking about – is a “rumor” that Amazon will soon be accepting Bitcoin as payment.
This all started a week ago, when Amazon posted a job listing for a “Digital Currency and Blockchain Product Lead” – inspiring people to believe that…MAYBE… Amazon is looking to start integrating Bitcoin within their ecosystem…and, if that happens…it would be HUGE.
SECOND: Elon Musk confirmed that Tesla could START accepting Bitcoin as payment for their cars…again.
He made this statement during a Bitcoin Conference with Jack Dorsey and Cathie Wood, while they discussed their overall sentiment and plans for the future. Throughout the meeting, Elon Musk revealed quite a few details, including the fact that he PERSONALLY holds Bitcoin, his privately held company, SpaceX – ALSO holds Bitcoin, and that Tesla STILL holds its Bitcoin in reserves.
THIRD…that price momentum is causing a SECONDARY REACTION…by squeezing short sellers, causing them to cover their positions by BUYING the underlying Bitcoin, and causing the price to go parabolic.
Some analysts say that THIS was the real reason Bitcoin surged so quickly, since Amazon integrating Bitcoin would be a long way from happening…but, regardless, the entire situation set up the scene for:
FOURTH: The End Of “The Cross.”
This is a trading pattern that occurs when the 50-day moving average crosses below the 200-day moving average, signaling that bitcoin could enter a market similar to what happened in 2018, when it dropped nearly 90% in price.
But a recent analysis found that, historically, the “cross” occurred near the market LOW…and, that could’ve actually signaled the BOTTOM of the market – where, you would’ve done well had you bought in. That leads some to think that, now…the price of Bitcoin could increase back to its $51,000 price…and others, like The Stock To Flow Model…think that this means we could go all the way to $5 MILLION.
I still believe this could be incredibly volatile in the short term, ANYTHING could happen, more regulation and restriction is always going to be a continued risk day to day…and, it’s important to stick with a portion of your portfolio that you’re comfortable with, and then – hold to it. I think, over time – we WILL see companies like Amazon embracing cryptocurrency, and I think it’s just a natural part of their progression while they continue expanding.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/