Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin expert Max Keiser says the euro is "going to zero" against Bitcoin, just as the European Central Bank warned about stablecoins disrupting global finance.
Whether it was a troll, a prophecy or just Max being Keiser, the timing could not be better: Bitcoin has now climbed above €102,800 and is printing one of its strongest monthly candles ever against the euro.
Check out the monthly BTC/EUR chart — it is clear that there has been a break beyond the €95,000-€98,000 resistance that capped growth in late spring. The price went above €104,700 this week, and it will be difficult to see an upper limit until you start thinking about the €110,000-€115,000 range.
Whatever money the ECB hopes to keep afloat, it looks like the market thinks Bitcoin is winning this round.
And it is not just a one-off. The weekly structure shows a step-by-step build-up. After a bit of a slump in Q2 when Bitcoin went back down to €85,000, the bulls got their act together, defended the €90,000 zone and now the 50-week moving average has flipped from resistance to support.
Bitcoin or euro?
The ECB also warned that the dollar-led stablecoin market is eroding Europe's monetary autonomy. They suggested a return to the euro, but Bitcoin's behavior suggests otherwise. With the ECB on the defensive and BTC now brushing past previous resistance without much hesitation, it is hard not to see why Bitcoin bulls are feeling validated.
Keiser's approach might be a bit over the top, but it looks like the market is backing him up.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team