By Nick Rokke, analyst, The Palm Beach Daily
Nick: T, bitcoin is up about 20% since April 1. But could its big rally just be a one-off event?
Teeka: There are all types of unsubstantiated rumors right now about what caused the rally—but I won’t lend credence to any of them here. What’s important is that after an 18-month bear market, we’ve finally seen bitcoin break out of its downtrend.
And I don’t think it’s a one-off event because bitcoin blew right through its old resistance levels on massive volume. Plus, we saw volume increase in alt-coins, too. That means this was a broad-based rally—and that’s very bullish.
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The military already uses it on some of their bases. California could soon require it on all new homes.
But thanks to President Trump’s recent Executive Order, this “Cold War” device is spreading to communities across America.
Nick: Why do you think so?
Teeka: Last month, I told you we were starting to see institutions dip their toes into crypto. And it’s this beginning trickle that’ll turn into a tidal wave…
For example, Facebook and JPMorgan Chase plan to launch their own internal tokens. The fact that this technology is getting co-opted by some of the biggest players on Wall Street and in Silicon Valley is very positive for the crypto space.
Facebook alone has 2.3 billion users it’ll need to educate about crypto coins… how to use them… and how to store them in wallets. And that’ll essentially grow the entire market for—and enable widespread adoption of—true crypto assets like bitcoin and ether.
Nick: So does this mean the crypto bear market is over?