Bitcoin nears 10% gains on the day now
The break to an all-time high above $20,000 overnight is continuing to fuel further gains in Bitcoin, as price now takes out the $23,000 mark. As the euphoria continues, who is to really say when this will stop.
As much as the fundamentals may not make sense in Bitcoin, as a trader one is surely to be fascinated and captivated by the sheer dynamics driving the move.
I continue to stick with my conviction from early last month when viewing Bitcoin. It isn't so much so a fundamental trade but one that errs more to the side of human psychology and an assessment of risk-taking tendencies in such a market environment.
Bitcoin is continuing to make strides though as it takes out the $18,000 mark now after having powered past $17,000 ahead of North American trading yesterday.You can pretty much use your imagination to describe where Bitcoin will be headed to but if you ask me, I'd argue that it'll breach the late 2017 high to hit above $20,000 and sucker in more FOMO buying before a major selloff takes place.At the end of the day, you're at the mercy of the whales when 'trading' Bitcoin.
That is in part why many hedge funds are also showing interest as of late.
