Bitcoin Awaits Vegeta – Trustnodes

Bitcoin Awaits Vegeta

0

Bitcoin has been moving from the couch to the chair, staring at the window now and then to see if Vegeta is around.

There are suggestions he is pretty close, but in his own style no one knows if he has arrived until Vegeta does show up.

Bitcoin price, Jan 2020
Bitcoin price, Jan 2020

As we can see above Vegeta did briefly show up, with bitcoin on an uptrend since the beginning of the year, briefly touching $9,000 to now stand just below it.

This key resistance line might pave the way for $10,000 or $8,000 depending on which direction bitcoin chooses.

If upwards, then the biggest resistance line might be $14,000, while downwards it has maintained $6,000, so it isn’t clear there’s much room down there unless there’s some big change.

At this point though no one knows, but bitcoin’s hashrate has been up and up, so mining costs have increased quite a bit with the current price levels perhaps still not quite covering costs.

More importantly diversification could be playing a role here as stocks are now reaching those levels where people start collectively thinking they’re a bit too high maybe.

They may still have room to grow, but plenty have made plenty of profits on the stock market so they might shift at least a bit of it just to play it a bit safer.

Yet much of the show for now might be in other cryptos, but that feeds into bitcoin as many of these other cryptos are priced in BTC rather than USD.

Not necessarily because the latter is being inflated at some $50 billion a month, but more because the dollar is analogue turtle which can’t be controlled by individuals digitally like cash can.

While bitcoin of course is just some code so you can easily incorporate it into some Kilimanjaro launched exchange controlled by some kid in his bedroom to serve the village needs.

Copyrights Trustnodes.com

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments