After a plunge from $57,300 to $54,400 - a range which Bitcoin appears to be treating as a bit of a temporary safe house over the last few weeks, BTC starts over to climb high, but it seems lack of enough momentum to break last month’s ATH of $58,332.
Despite the overnight slip, this latest skirmish towards the fortified lines of $60,000 augurs well for those of a bullish persuasion, eager to see $60k consigned to yesterday’s papers.
Where does Bitcoin Fit in?
The House has approved the $1.9 trillion stimulus package bill as well as President Joe Biden has signed it into law.
The stimulus bill represents one of the biggest government interventions into the American economy since World War II. The market fears of runaway inflation.
Based on Ives Gilbert, Bitcoin analyst at Bex500 exchange, “there is a good chance that investors will turn to Bitcoin or other cryptocurrencies to hedge against inflation.” The decline in value of the US Dollar has been good for Bitcoin's investment case as digital gold, an asset that can't be devalued by a government stepping in to print more of it.
So far, institutional investment in Bitcoin appears to be going global. Chinese app maker Meitu and Norwegian multinational Aker ASA have added Bitcoin to their balance sheets, joining US firms such as MicroStrategy and Square.
In addition to institutional investors, many stimulus check recipients are looking to flock into the Bitcoin market to make profits rather than spend them.
Bullish Prognosis of Bitcoin Price
The $1.9 trillion stimulus package is already boosting Bitcoin, and with the floodgates now open in terms of new liquidity for the market, we expect fresh record highs to be set for Bitcoin in short order.
However, we should pay attention to the overheated market, which will result in violently tempered from remarkably high, for example, the wrenching corrections in February.
How to Earn Big from the Upcoming Bitcoin Rally?
If you don’t invest much money in Bitcoin but want to make great profits, Bitcoin perpetual contract is a good trading product that you can give it a shot.
Bitcoin perpetual contracts trading allows you to buy long or sell short Bitcoin prices. In other words, both uptrend and downtrend are profitable. Besides, Bitcoin margin trading is equipped with 100x leverage, which means you can start a big trade with small money invested in.
As an example, opening a position with an initial margin of 0.1 BTC with 100x leverage is essentially equivalent to controlling a position size of 10 BTC. If Bitcoin gains in value by 10%, you would have a profit of $55,000 — all while only risking your initial 0.1 BTC margin.
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