Many enthusiasts refer to BTC as the Crypto King, highlighting its ability to overcome difficulties and dominate the market, however this year it seems more fitting to change Bitcoin’s nickname to King of all Investments, as to date it has performed better than any other asset, commodity, stock or index in the world of finance.
BTC is Taking Over the (Financial) World
According to data collected by CCN, Bitcoin’s profitability makes it the most attractive option for any trader as it has outperformed other conventional but popular investments:
As of this writing, (BTC) is up by more than 67% on Coinbase year-to-date. Coming in at No. 2 is oil (USOIL), up by 38.35%. The other investable assets in the green this year are the Nasdaq 100 (through the QQQ ETF), small caps (through the IWM ETF), and S&P 500 (through the SPY ETF). These investment vehicles are up by 22.25%, 18.17%, and 16.54% respectively. On the other hand, gold (GLD), which is considered as a safe store of value, is down by 0.12%.
The recent Bitcoin bull run has stimulated trading volume and raised optimism among analysts and investors. A clear example of the sentiment regarding Bitcoin can be the words of Tim Drapper who considers that in less than 5 years BTC will have an important presence in the global market.
I am a believer that in four years, something like that, Bitcoin will be about a 5 percent market share of the earth
Bitcoin Has Overcome Political, Financial, and Technical Adversities
Likewise, the well-known Bitcoin Bull and CEO of Fundstrat Global Advisors, Thomas Lee, shared, in a nutshell, a rather optimistic fundamental analysis. Lee points out that Bitcoin has overcome a series of adverse situations, demonstrating that the market is maturing and that bullish sentiment is becoming more and more solid:
MagicPoopCannon, one of Tradingview’s most popular Technical Analysts explained that although not all signals are bullish (something very difficult to happen) it predicts that Bitcoin could soon test the 7000 to 7500 zone, then correct above 6000 to start a new bull run:
Honestly, when there are so many conflicting signals like this, it’s hard to accurately project what the market is going to do. I’m starting to think that BTC could rally all the way up to the 7000-7500 zone, and then correct back to the 6000 area to define it as support, before we ultimately head off to the races. Time will tell.