news.coincu.com 2 h Reading time: ~2 m
According to expert analyst Plan B, Bitcoin has entered a bull market as the RSI (Relative Strength Index) is above 50. This marks a positive outlook for BTC, which has surged to $28,000.
Meanwhile, Balaji who had made a bold move by placing a $2 million bet on Bitcoin, believes that the current trend of people exiting a failing fiat currency and entering gold can be seen as a precursor to what could happen with Bitcoin.
In his opinion, people will start exiting the dollar and enter BTC, rapidly increasing its value. Balaji believes that this shift to BTC is not just a way to make money, but also a way to warn those who hold dollars to move their funds to BTC as a safe haven asset.
At the time of writing, Bitcoin is trading at $28,124.
In a recent update from Coincu, it was reported that Balaji has made a bold move by placing a $2 million bet on Bitcoin. The bet involves transferring the amount into the stablecoin USDC, with Medlock and another individual also joining in.
Balaji’s bet is based on the premise that if Bitcoin’s value surpasses $1 million in the next 90 days, he wins the bet. On the other hand, if the value falls below that mark, the counterparty receives $1 million in USD. The move is not intended to earn profit but rather serves as a call to action for those holding dollars to consider investing in Bitcoin.
Rekt Capital, a prominent crypto analyst, had previously reported that Bitcoin (BTC) is on the cusp of confirming a new bull market, potentially starting a new macro money flow cycle.
This is welcome news for cryptocurrency enthusiasts, given that BTC has exhibited resilience despite recent market fluctuations. Recent price movements of BTC had hinted at a possible repeat of its 2019 history when it broke out of its $6,000 price range.