As the price of Bitcoin races towards the $18,000 a coin mark, speculation is rife. Opinions are also being tossed around freely with some foreseeing a retrace, while others see opportunities.
As the possibility of heightened inflation stares us in the face, people are looking for reliable stores of value and BTC is increasingly becoming that place. Celebrity tweets have indicated that BTC is gaining even more popularity amid these economically straining times.
Actress Marie Williams put up a poll two days ago, asking her followers whether it would be an inspired idea to go long on Bitcoin. Her poll attracted the attention of high flying Tesla CEO Elon Musk, as well as Galaxy Digital’s Mike Novogratz. Both seemed to nudge her towards the buy button as the price of BTC continues to skyrocket.
Other celebrity enthusiasts include the crypto scene’s most famous twins, the Winklevoss twins. Tyler Winklevoss is always quick to offer up an opinion about BTC. In one of his latest tweets, he discouraged people from holding cash by stating that cash was “trash.” Such a statement is no surprise coming from someone who believes that BTC will reach the $300k mark in just a matter of time. As more crypto enthusiasts keep expressing optimism, some twitter users are not moved by the soaring prices.
One user seemed surprised that people were showing an interest in buying BTC at almost $18K. Swift replies suggested that buying at those prices was not actually a bad idea. The exchange clearly exposes the conflicting sentiments that engulf the crypto market at the moment. If you look at basic principles of the market, buying at such highs seems unreasonable. It makes more sense to wait for a retrace so that you can buy the discount on the way up.
The BTC market can defy the norms though. Those waiting for a sharp retrace may just watch BTC hit the 2017 summit, break above, and consolidate upwards for weeks. It means that people rejecting the $18K BTC price may be forced to enter later when prices are hovering above $20k. All is possible in these markets and there lies the dilemma. Market forces aside, a lot suggests that BTC will progressively gain in popularity and prices may go up as more and more institutions continue to adopt the technology. Will cash be trash in a few years to come? We will have to wait and see.
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