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Markets Soar and Bitcoin Hits All New Highs

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Markets Soar and Bitcoin Hits An All New High

What's behind the rally? Are ETFs pushing the price?

Let's be real anyone saying that crypto is a fad and it will disappear soon is clearly delusional. Crypto is here to stay and is becoming more and more a part of everyone's life. What was once an obscure thing that no one really knew about is now talked about between people nearly daily and a majority own some.

However there's still a big group of people that haven't taken the plunge and simply don't understand it. These people most likely will never take action on crypto or simply will buy in and passivly hold it never really doing anything with it.

Bitcoin Hits New High

Bitcoin today hit all new highs and it's been one of those wild upward trajectories that happens quickly. Just over the last 20 days Bitcoin has gone from $41,000 to $66,000 which puts into question if we are due for a fast correction after this quick burst we saw today.

*1 Year chart of bitcoin from CoinGecko

Just last year bitcoin was worth $11,900 which clearly shows the demand and response for bitcoin is rapidly growing. Unlike the rally earlier this year that was pretty much based on hype, speculation and a few influencers tweeting about it this rally is backed by some rather stable and robust money.

History Repeats Itself

Bitcoin seems to often fall into this pattern as well as other cryptos. A hype fad phase which everyone is talking about it and a hard crash after.

"If you're posting screenshots to show others how much you made It's most likely a good time to cash out" I feel like we are going to be entering that phase here really soon and from that enter into a quick correction.

That doesn't at all mean I don't think that in a few months time that Bitcoin will recover from it. In fact I suspect Bitcoin to near $100,000 by years end but before then enter into another correction period that will be fast.

I'm not really one for reading charts, technical analysis and all that stuff. I feel like it's extra work. Instead I like to go on history of what happened and a repeated trends. We are humans and as humans we repeat our mistakes over and over again and only few learn from them. It's a cycle that constantly happens and in crypto I feel like that cycle is speeding up.

What use to be a a year correction and bear markets has now turned into 6 months or less correction and bear markets.

ProShares ETF

There are a few other ETFs lined up that should be releasing. However ProShares is released and has one day of trading under it's belt. That trading amount comes in a 1 billion dollars.

That might sound like a lot however in a 1.2 trillion dollar market cap it's a rather small drop in the bucket and a 2.7 trillion dollar market cap in crypto total.

Nearly 3 Trillion

The crypto market cap overall is now 2.7 trillion dollars. Out beating it's old record of 2.5 trillion which we reduced all the way back to 1.3 trillion just a few short months ago. That was on the beat of China cracking down on miners etc. As we can see the world really could care less about what China does anymore their influence is being crushed and they are scrambling to try and hold it. However they are isolating themselves more and more which is going to continue to collapse their economy.

Questions For This Post: What do you think bitcoin will do over the next few days? Rally or correct? What do you think the price of one bitcoin will on new years day 2022?

Posted Using LeoFinance Beta