"The news that renowned investor, Paul Tudor Jones, has backed bitcoin—publicly praising the asset for its properties as a store of value has almost certainly helped catalyse BTC's sudden movement into the US$10,000 zone," Dibb said.
"With monetary easing policies and 'unlimited' economic stimuli being recently unveiled across the world, fiat currencies seem set to weaken substantially. This has, in turn, led to bitcoin's narrative as a 'store of value' to gain added traction amongst investors who are seeking to hedge against volatility in traditional markets."
Bitcoin has often been compared to gold as a so-called safe haven asset during turbulent times for other risky assets like stock markets. However, recently, bitcoin has fallen and risen when stock markets have.Bitcoin has always been known as a very volatile asset subject to huge price swings. In 2017, bitcoin saw somewhat of a frenzy that sent its price from under $1,000 at the start of the year to a record high of over $19,700 in December that year.
"This market is not moving purely on the back of retail speculation—and it is primarily Bitcoin which is experiencing gains, not the altcoin market," Dibb said referring to smaller digital coins. "It is only now that we are really beginning to see institutional and accredited investors operating within the Bitcoin space, bringing a level of market maturity and financial understanding which was all but absent from the cryptocurrency sector as late as 2017 and 2018.
"We could pull back to 8K, hold, and them move higher to 15K. Or we could go right back down to 3K as well. At this point though, one has to be bullish, unless, we see a violent move down. I think the current run up though is part of a larger move up, so don't think we'll see 3K again anytime soon. But if we do run up to 15-20K, then likelihood of a big move down and larger correction is higher.
That money is going to get wiped out like 🐘💨
Don’t miss out. Bitcoin to $12,000 by the end of May. Or I’ll pay all of my followers
It's showing people really want to invest. Crypto is currently the easiest way to invest. It doesn't mean Crypto is a safe heaven currency or it's contributing a thing to the economy or well being of humans.
Already priced in.