A Loss of Confidence in Fiat Can Propel Bitcoin and Crypto to New Highs
Since the last few days, the interest in the crypto space, especially in the top crypto asset Bitcoin (BTC), has been on a spike.
Bitcoin recently tested the psychological level of $10,000 which attracted the attention of the community. Also on early Friday, Bitcoin was trending higher on Indian Twitter with 86.2k tweets. Since the cryptocurrency and Bitcoin are gaining the confidence of investors meanwhile top-level crypto and Bitcoin analyst named @MagicPoopCannon presents his BTC Tradingview analysis and gives one case scenario that can lead bitcoin and crypto to new highs.
If fiat currency fails Bitcoin can reach new highs
The analysis of the crypto analyst @MagicPoopCannon was basically the reflection of Mr. Jones’ views described in his investment letter where he witnessed the possibility of monetary inflation in the near future. The crypto analyst says that investors are losing their interest and confidence in traditional fiat currency systems. He believes that we will soon see a loss of confidence in fiat as well and if it happens, he says, it will give a huge boost to Bitcoin and crypto to reach new highs.
The crypto analyst clearly stated:
“..there’s one thing that I think can really propel crypto to new heights at this point — and that’s a loss of confidence in traditional fiat currency systems. Given the extraordinary worldwide debt crises, and the absolutely reckless monetary expansions of global central banks, we could see a loss of confidence in fiat soon enough.”
Watch stock markets carefully
The crypto analysts Magic has advised the community to watch traditional stock markets carefully saying that any crash in traditional stock markets can cause Bitcoin to plunge down as he believes Bitcoin is not yet resistant to the influence of the equity market. He asserted:
“If the equity markets turn lower, and we see a continuation of the recession, I think it would be practically guaranteed that crypto would continue to get punished.”
Moreover, he talked about the daily RSI of Bitcoin and pointed out that it was also majorly overbought which could ultimately lead Bitcoin to dip down.
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