We have a new leader in the 'highest Bitcoin prediction' league table. Unsurprisingly, it's Michael Saylor, and I think even Elon Musk, on a space ship, entering warp speed would still be lacking the adrenaline needed to call Bitcoin higher. I go to bed at night, *knowing* I don't own enough Bitcoin, and if the guy who owns 91,326 Bitcoin still doesn't feel he has enough, what hope is there for the rest of us? $5M per BTC was Michael Saylor's latest call, in case you wondered, my precious.
The weekend trading session was fairly uneventful. Prices moved slightly lower but held above support at $56,118. More telling is the market's inability to hold above $58,400. Today, we have seen support tested once again, despite an earlier rally that tried to recapture the $58,000 handle.
Bitcoin has struggled to get going today: A limited move to the upside has since seen prices track back to the middle of the range. As we head into another weekend trading session, Bitcoin, while sitting above $57,430, is poised to challenge the upside. We are currently sitting above last Friday's price levels and are waiting to see if Bitcoin can make it to a new ATH two Saturdays in a row.
The punch bowl is in no danger of being removed from the party: Interest rates are going nowhere and the Fed have your asset-holding backs. Zero surprises, zero rates, and no doubt, more zero's to be added to the debt pile. No surprise then that Bitcoin liked the news and rallied post the press release. It's also no surprise that the market, once drunk on these headlines from the Fed, is now looking at the longer term implications of the ultra loose monetary policy stance. Given a night to sleep on it, bonds have made a turn, with yields rallying and tech stocks trading on the back-foot.