© Reuters.
Investing.com – U.S. Senator Cynthia Lummis has long been known to be a supporter of the . She is convinced that BTC is a digital gold standard that nothing can stop.
This is related to the fact that fiat currencies like will inevitably lose value, which inevitably results from the rapid increase in public debt:
“I like the fact that we can’t stop it, especially because I’m concerned about our public debt, I’m also very worried about the. I see people in my state of Wyoming going to the food bank because they need gas to get to work, now they have to choose between expensive gas and food. […] We see a lot of things that have become inflationary […] In this context of dilemma, it is reassuring to know that bitcoin exists”.
In 2001, the United States was in debt to the tune of 5,600 billion dollars. In 2021, credits soared to $30.501 billion. According to Statista, a debt mountain of $39,454 is expected to emerge by 2027.
Bitcoin’s next rally will begin when monetary policy changes. This could happen sooner than expected and somewhat overnight, as the recent example of the Bank of England shows.
The financial system has deteriorated so much in recent days that the has pulled the rope and gave up the reduction of its balance sheet overnight. Printing presses were turned on to inject fresh money into the market through the purchase of government bonds and stabilize yields.
A similar phenomenon will also occur in the United States – it is only a matter of time. Michael Saylor is in any case convinced.
Twitter crypto analyst (NYSE:) CredibleCrypto is firmly counting on an imminent 5th wave which, after the current correction, will reach at least the $100,000 mark.
Bitcoin Technical Price Marks
Bitcoin is currently rising at one at $19,560, it is up 1.13%, while its weekly gain stands at 1.91%.
The world’s largest cryptocurrency by market capitalization managed yesterday, for the second day in a row, to close the day above the 78.6 percent Fibo retracement of $19,251. The door is therefore open to a test of the psychological mark of 20,000 dollars. A sustained rise above this threshold increases room for further gains towards the 61.8% Fibo retracement of $20,523.
However, if the bulls relent again and the daily closing price breaks below the 78.6 percent Fibo retracement, expect losses to the September 28 low at $18,505. Below, attention then shifts to the cycle low of $17,630.
By Marco Oehrl