Why Bitcoin Could Break $65,000 This Week

When Bitcoin reached its previous high in April it is clear that high was built on higher leverage than today's price. April's $64K was driven by leverage with the near term goal of reaching a $1,000,000,000,000 (Trillion) Bitcoin market cap for the first time. We then saw a pullback as investors deleveraged to take their gains.

During this recovery phase which has put us over $60K once again, we saw an influx in a higher proportion of actual dollars versus leveraged dollars.

These are my top reasons why this week's potential Bitcoin all time high is different…

(1) institutional investors continue to announce investments and plans to invest in Bitcoin (long term holders means more stability, and less / safer leverage)

(2) high amounts of Bitcoin were being purchased and placed in cold storage during the pull back (less supply on market)

(3) recognizable names and companies are increasingly endorsing crypto which further increases the network effect and legitimizes the assets (Tesla, Mr Wonderful, Mark Cuban, Societe General, Fidelity, Twitter, Visa, George Soros, etc)

(4) the US government and the SEC appear to be permitting ETF futures which is a positive signal for a potential physical ETF.

This last point is much more significant than people estimate. If an US ETF is approved it inherently means the US government is limiting its ability to regulate Bitcoin in a negative light. Once retirement savings are legitimatized via ETFs, regulation will come in the form of… How best can the US government protect people's retirements versus pre-ETF approval it feels like the government could still do what it wants.

Even Mr Wonderful acknowledged that a trillion dollars of ETF money is on the sidelines waiting to enter Bitcoin.

In other words, US ETF approval signifies escape velocity for Bitcoin, both in terms of US government legitimization and capital inflow from ETFs increasing stability / value. This value is north of $100,000 in 2021.

I have Fidelity and I am 38, if that ETF is approved I move my whole retirement (actual retirement from the pharma company I work for) into Bitcoin because I believe the best way to build a better world is to allow programmers to tokenize/digitize the interactions of humanity one interaction at a time. I believe more in technology and programmers than Washington politics and lawyers. If left with the latter we all end up on dystopian welfare. Future generations of Americans will never let this happen! Let's go free markets and capitalism!

And for the record, I love alts more than Bitcoin :p but Bitcoin paved the path

submitted by /u/jcoll627
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