Bitcoin (BTC) starts a new week with intact $ 30,000 and a message of support from the world’s richest man – what can we expect next?

When trading resumes worldwide, the largest cryptocurrency still lacks decisive upward or downward momentum.

The Cointelegraph examines five factors that may play a role in designing Bitcoin’s path in the coming days.

Stocks fear “Reddit raiders”
The stock market began unstable on Monday after the worst development since October last week.

In what is likely a supplement, the markets are still feeling the effects of the retail investor uprising, which has escalated since regulators and trading platforms intervened to prevent them from participating.

With US companies involved, the impact was being felt throughout the global economy, and Asia was also under pressure before Monday’s recovery.

Yet a repeat of last week’s chaos could weaken an already shaky business environment, analysts warn.

“We believe there are weaknesses, and although we do not know exactly what triggers or the exact time (including some recent attempts by traders to sharply cut stocks), we doubt they will track today’s rally and give 10% lower entry points. Tobias Levkovitch, Citigroup’s chief stock analyst in the United States, wrote in a note to clients that CNBC reported on Sunday.

BTC’s 90-day payout correlation against US Dollar, VIX, Gold, S & P500. Source: Data on digital assets.
The timing of retail trading has not been more favorable as many stock indices have reached record levels, despite increasing restrictions on daily life and economic activity in the United States and the Western world due to the Coronavirus.

A separate issue in US policy is the ongoing row over the size of the new economic stimulus package. New President Joe Biden’s $ 1.9 trillion plan has been challenged, and instead Republicans are offering a $ 600 billion package – roughly 70% less.

Ammos warns of Citecoin Silver
As global awareness begins to understand the difference between how these restrictions affect the rich and the poor, investors ’appetite for warning signals does not appear to be dampened significantly, despite the government’s warnings.

This time, however, their radars appear to be no longer stocks, but rather silver is a precious metal. In Monday’s trading, silver reached its highest level since 2012 at approximately $ 29 an ounce.

Growth has been rapid: in the past four days alone, it has risen 15% as parenteral addict has deteriorated in the retail markets.

Not surprisingly, this phenomenon has been accompanied by numerous calls for these investors to ditch the relatively boring silver and invest in Bitcoin instead.

Seifuddin Emus, author of the popular book Bitcoin Standard, summed up his Twitter followers this weekend: “Reminder … Silver is SHITCOIN.”

The stock-to-energy ratio is about 3. Whatever happens in the paper market, it doesn’t matter, because it is very easy to extract tons of silver, process it and bring it to the market, which reduces the price. Silver Pumping a losing game. ”

Amoos referred to the well-known inventory method of flow to analyze the scarcity of an asset based on how much is added to the current supply at a given time. The same model rules that Bitcoin is the “hardest” money ever to exist, thanks to a steady decline in supply.

However, some saw a possibility if the same group of retail investors bought silver in large numbers. For seasoned trader Peter Brandt, the likely target is $ 102, or 250% of the day’s level.

Musk: I was late to party with Bitcoin
But only when the bitcoin advocates felt left out did the richest man in the world step in with rare words of support.

In an interview with Clubhouse that aired late Sunday night, Elon Musk publicly confirmed that he “supports” Bitcoin.

I should see what I’m saying here; ‘Some of these things can really move the market’ started.

Musk revealed that even his friends had tried to include him on the board for years, and even fed him a piece of bitcoin cake in 2013. But after refraining from participating closely, he now admits that he was “late to the party.”

He continued, “So it slowed down a little, sorry.”

Source: CoinTelegraph