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Bitcoin To Break This Year’s High; S&P 500 May Drop By 10%

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Story by: Naeem Aslam

The crypto king, Bitcoin, has soared over 11% today and over 200% year to date, outpacing all the top 3 coins by a huge margin. Bitcoin is the trade of the week and given the massive uncertainty and the risk-off attitude, I think it is highly likely that Bitcoin could easily top this year’s high of $14,000 . The Bitcoin price had several battles with the 50-day moving average during the past few weeks, but finally, the bulls have conquered this battlefield.

Photocredit: Getty

Photocredit: Getty

GETTY

Bitcoin chart showing important levels of support and its battle with the 50-day simple moving average. 

Bitcoin chart showing important levels of support and its battle with the 50-day simple moving average.

SOURCE: THINKMARKETS, BLOOMBERG

There is no doubt in mind that the Bitcoin price is going to break this year’s high.

Bulls need to thank Donald Trump for this move because it is completely driven by the geopolitical tensions. Donald Trump introduced new tariffs on China last week and I talked about the retaliation action by Beijing. China has unleashed its nuclear weapon on the U.S. This retaliation has come in the form of China introducing the most fearful factor for the markets, a currency war.

The Chinese Yuan crossed the level of $7 for the first time and this is only because China clearly wants to devalue its currency. Donald Trump will have no choice but to retaliate against this action. After all, it is an ego issue for him. This means that he is going to do everything in his power to not let Beijing win this war.

Original story: https://tinyurl.com/yxtlcasl

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