25-year-old oxygen-drain, Justin Bieber, challenged 56-year-old Scientologist, Tom Cruise, to a cage fight, calling him chicken if he doesn’t accept. But would we be better off putting our money on that… or Bitcoin? [hint: the answer’s Bitcoin]
Bitcoin Price Hits 13-Month High
The new normal is that there is no normal… so Bitcoin is back to normal.
Just when we’d got comfortable consolidating for a while around the $8000-mark, the market starts to shake things up again. Admittedly, we had just seen the biggest weekly loss since December 2018, but that was on the back of May’s spectacular pump.
Analysts were split as to whether we would see a further move downwards or bounce back up. But by Wednesday, Fundstrat was calling time on the retracement, citing positive technical indicators.
Sure enough, bitcoin price 00 then found itself in a rising wedge to $8200. A short squeeze followed, seeing further gains and a target of $8.5k.
For most other asset classes, a 12.5% gain over the space of a couple of days might signal time for a breather and some consolidation. But Bitcoin being Bitcoin, it wasn’t done yet. Sensing weakness in the bears, the bulls continued to push, eyeing $9k as a weekend target.
On the back of the gains, Weiss ratings upgraded Bitcoin to a ‘B’ overall, but it seems even that wasn’t the end of the story.
In the early hours of this morning, BTC continued to storm ahead. A 13-month high of $9380 was achieved, leaving only a 7% gap (and some resistance at $9.6k) until we hit 5-figures.
So as long as we don’t get comfortable with these gains as being normal (prompting the market to once again confound our expectations), we could easily see $10k in the next week.
Clash Of The Titans
Titanic Tron shill, Justin Sun, fessed up that he might be in over his head in trying to convince titanic Bitcoin-sceptic Warren Buffett, of the joys of cryptocurrencies over lunch. Luckily he gets to take a bunch of friends with him, and plans on inviting along ‘all the blockchain leaders.’
One can certainly imagine Buffett dismissing Sun without a second thought, so it’ll be interesting to see who joins him. Don’t believe for one second that it’ll change Buffett’s opinion though. Despite Bitcoin dwarfing the return on investment (ROI) of the veteran investor’s Berkshire Hathaway, in just a fifth of the time.
Other Bitcoin News In Brief
We found out more about Facebook’s ‘Surveillance Capitalism‘ Coin, in particular, its $10-million-splashing launch partners. But many think that the social media giant’s plans will turn out to present a positive opportunity for Bitcoin in the longer term.
The international Financial Action Task Force (FATF) wants to impose bank-like restrictions on crypto-exchanges.
Institutional demand is up as Bitcoin futures posted record volume. Meanwhile, Bakkt announced acceptance testing for its futures product will begin in July.
Not content with buying into Facebook-coin, Visa also decided it was going to muscle in on Ripple’s cross-border payments sector.
The ‘Bitcoin Time Traveler‘ theory resurfaced on Hong Kong TV this week. The 2013 Reddit post by a self-proclaimed time traveler from 2025 about how Bitcoin mooning ($1 million + by 2021) destroys civilization as we know it, was explained by a former Miss Hong Kong on the territory’s most popular TV channel.
Yes, it was in a segment about wacky conspiracy theories, but not everyone in the tin-foil hat brigade can be wrong… can they?
What was the most important Bitcoin story of the past week? Add your thoughts below!
Images via Shutterstock
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