In the immediate term, a stimulus package could be good for Bitcoin prices. Furthermore, some recipients will use it to buy BTC. However, in the long-term, the price could come under pressure as the Fed starts to tighten.
Bitcoin Price Prediction: BTC Could Very Soon Skyrocket
A closer look at the three-hour chart shows that an important pattern is emerging. As you can see in pink, the Bitcoin price is forming an inverted head and shoulders pattern. It is currently forming the right shoulder. In technical analysis, this formation is usually bullish. Follow us on Telegram and Twitter.
Tesla also has said it was looking at letting consumers use bitcoin to buy its cars and SUVs. That sparked speculation that other big companies may soon add bitcoin or other cryptocurrencies to their balance sheets, since bitcoin is generating a significantly higher return than bonds and cash. Top financial firms are helping to validate bitcoin.
Read More. Investors have been flocking to bitcoin because of the perception that it could be a good hedge against inflation and a weaker dollar if bond yields continue to rise.
Bitcoin hits fresh record high near $42,000, climbing 40% so far this year
Bitcoin bulls argue that the cryptocurrency is like "digital gold" and could even replace the yellow metal as the inflation antidote of choice. To that end, bitcoin has surged this year while gold has fallen. There are concerns about whether that much money is really needed.
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Some worry that stimulus may cause the economy to overheat and lead to much higher inflation. After all, there are now multiple Covid vaccines and more people are returning to work, which should boost the economy -- and bitcoin prices.
Cryptocurrency stocks skyrocket as Bitcoin tests new highs
Bitcoin has benefited from investors' recognition that the cryptocurrency is scarcer than gold or other precious metals. That's because there is a cap of just 21 million bitcoins built into the cryptocurrency's source code available to be mined -- the process of using computers or servers to solve complex math problems to generate bitcoin.
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Roughly Bitcoin isn't the only cryptocurrency getting a boost. Smaller digital currencies such as ethereum, litecoin and stellar have soared in And cryptocurrency exchange Coinbase, which has filed to list its shares directly later this year, is one of 's most eagerly awaited stock market debuts.
