Bitcoin dropped 10% yesterday to the lowest levels in nearly two weeks, as overbought positions by momentum traders have triggered profit-taking or mean-reversion flows in the near-term. The pullback comes amid growing concerns that Bitcoin is perhaps a proxy, one kind of financial market bubble, and fears that the Biden administration could attempt to regulate cryptocurrencies. Despite the most recent correction, one cannot exclude the resumption of an upward trend, or the possibility that the current speculative fervor will propagate further, pushing Bitcoin’s price up towards the consensus region of between $50k-$100k.
There are a few important circumstances that might be paving the way for Bitcoin to sustain its ongoing trend. First, in response to the massive economic contraction stemming from Covid-19, central banks in the United States, European Union, Japan, and other major economies are engaging in “quantitative easing” programs on an unprecedented scale. The United S
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