Bitcoin price pulled back for two straight days as it struggled to pierce the important resistance point at $70,000 on Monday. It retreated to $67,435 on Tuesday, down from this week’s high of $69,300.
Billionaire Paul Tudor Jones is bullish on Bitcoin.
Billionaire Paul Tudor Jones, who famously predicted the Global Financial Crisis, has maintained his bullish view of Bitcoin and gold.
In an interview with CNBC, he explained his case for the two assets as the soaring US public debt and long-term inflation.
Recent data shows that the total public debt has jumped from about $10 billion in 2010 to over $35.5 trillion today. And the figure is growing by about $1 trillion every three months.
Worse, Donald Trump and Kamala Harris have not shared real plans for reducing the deficit. Trump, who is leading in Polymarket, has said that he will support more unfunded tax cuts, which are expected to lead to a $7.5 trillion deficit over ten years.
Read more: Jasmy Price Prediction: Mixed Signals, But a Breakout Likely.
Harris, on the other hand, has pledged to spend more on housing, climate change, and other issues. Her plan will partly be funded by tax increases and lead to a $3.5 trillion deficit over a decade.
Therefore, analysts, including those at Blackrock, believe that Bitcoin is a better asset for investors afraid about the US – and global debt. Besides, unlike the US dollar that is printed by the Federal Reserve, Bitcoin has a finite supply, which is running out.
Meanwhile, hedge funds have continued to accumulate Bitcoin and the related ETFs. Data shows that these institutions hold over 20% of all ETF shares, a figure that may continue growing.
Some of the largest institutions that have bought Bitcoin are Blackrock, Citadel, Susquehanna, and Fidelity. A report also showed that 47% of traditional hedge funds had invested in Bitcoin.
Most importantly, companies will likely be inspired by MicroStrategy’s success and start to accumulate Bitcoin. A few years ago, MSTR was a small IT company in the data analysis industry. Today, it holds 252k coins worth $16 billion, and its valuation has jumped to $42 billion.
Tesla, which recently moved Bitcoin worth $765 million, still holds 9,720 coins worth $655 million, according to BitcoinTreasuries. Other large corporate holders of Bitcoin are Coinbase, Block, and Semler Scientific.
Bitcoin price forecast
The daily chart shows that the BTC price peaked at $69,300 this week and then pulled back. This retreat was expected because of the significance of the $70,000 resistance point.
Bitcoin has moved above the descending trendline that connects the highest swings since March. It was also also the inverted head and shoulders chart pattern.
Most importantly, Bitcoin has formed a golden cross as the 50-day and 200-day Weighted Moving Averages (WMA) crossed each other.
Therefore, the outlook for the coin is bullish, with the next point to watch being at $72,000, its highest level in May and June. A break above that level, followed by the all-time high of $73,800 will point to more gains, potentially to $100,000. In most cases, data by CoinGlass shows that November is usually the best month for Bitcoin.
Read more: Bitcoin Breaks Out as Dominance Rises, Altcoin Season Delayed.
