would likely have nothing to do with digital assets, as they operated as an anarchy to traditional financial systems. With numerous countries exploring digital assets the U.S.
This executive order will establish a regulatory framework for digital assets, allowing them to mitigate the use of digital assets for illicit activities like money laundering and tax evasion.
While the decentralized nature of digital assets is appealing, it has enabled laundering, theft, tax evasion, trafficking, and many other illicit activities.
Bitcoin has proven to act as a store of value that isn’t affected by the decisions of the Fed or central banks.
Inflation is the increase in prices in consumer goods, which is generally tied directly to the fact that the U.S.
In short, Bitcoin is the rarest asset on the market, isn’t adversely affected by central financial systems or politics, and is here to stay.
Each progressive uptrend wave must create a new high and each progressive downtrend must create a higher low to validate the Elliot Wave theory.
From there we have a wave two pullback and a wave three uptrend that creates a new all-time high of roughly $69,000.
I use a Fibonacci Extension from the most recent low to the most recent high and set at the retracement level around $40,000.
From the first wave high, Bitcoin saw three months down, two months up, one month down, with month four and five achieving high levels.
It’s also worth noting that should the trend continue a new all-time high will be set in June with potential for a steep drop the same month.
There is a lot of price consolidation and support around the $40,000 level, and the chart is right on path to executing the Elliott Wave theory.
The Biden administration is paving the way for Bitcoin and digital assets alike to be thoroughly integrated into financial markets and Bitcoin is proving to be as good a store of value as anything .
However, for those looking to trade for a shorter term, I recommend Bitcoin at current levels with the notion to trim or sell should prices exceed $70,000 over the next several months.
Disclosure: I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives.