In summary:
Traders and investors who believe in the vision of Satoshi Nakomoto understand that only 21 Million Bitcoin will be mined. The fact that BTC has a known supply is one reason many analysts and hedge fund CEOs believe
that a stock-to-flow model can be used to predict the future value of the asset. The team at Weiss Ratings has gone a step further and concluded that Bitcoin is possibly the scarcest asset ever known to humanity.The team made the statement via a tweet that Bitcoin’s value is bound to keep rising as global central banks continue printing fiat in a bid to cushion their economies against the effects of the Coronavirus. The full tweet explaining this can be found below.
With another weekend ahead of us, it is worth taking a brief look at the Bitcoin chart to better gauge the price action for the next 48 hours. Further checking our favorite 6-hour Bitcoin chart courtesy of Tradingview.com, we observe the following:
As with all technical analyses of Bitcoin, traders and investors are advised to implement adequate stop losses to protect their trading capital.
(Image courtesy of Unsplash.)