Feeling bullish about the future of Bitcoin? Then this thread by Satoshi Club is for you.
Satoshi Club, a Bitcoin-focused Twitter media handle, is feeling bullish.
In a new thread, they explain why “The time to accumulate is now” in terms of purchasing Bitcoin.
They open the thread by saying, “Despite a 16% pullback from its high of $31,000 two months ago, #Bitcoin (BTC) is up nearly 60% YTD! While the #Nasdaq has risen by 38%, $BTC has outperformed it. Will this upward trend persist in the long run?”
Satoshi Club’s tweet. Source: Twitter
The authors of the tweet add that the dollar weakness and dwindling bond market volatility play a key role.
“The dollar index fell by 1.2% to 102.30 last week, reversing more than 50% of the preceding three weeks' bounce,” the authors write, hypothesizing that as a result a Bitcoin boost can happen.
When identifying other factors for a Bitcoin boost, the Club points to BlackRock's ETF move that “shows that institutional appetite for bitcoin-based products remains robust despite market uncertainties.”
Furthermore, the authors claim that the suits recently filed by the SEC against Binance and Coinbase don’t scare them. “The regulatory risk mainly impacts #altcoins. #Bitcoin and #Ethereum are relatively safe. The result? Funds are moving from altcoins to #Bitcoin. BTC's dominance rate is now 49.7%.”
The authors conclude that “#BlackRock's #ETF move and the current market conditions, there's reason to be optimistic about #Bitcoin's future”, adding that the time to accumulate is now.
Previously, GNcrypto reported that Standard Chartered predicts Bitcoin to skyrocket to $100,000.
