My thoughts: Bitcoin is going to pop one way or the other before the end of July. IMO it will depend on the Global Market. In the USA people are going lose their unemployment benefits at the end of July............what is likely to happen, is that we will see another huge stimulus bill pushed through which will lead to more inflation of the money supply. This should push the Global Markets higher, which in turn will allow Bitcoin to move higher too.
Im going to lean bullish here.
I agree that this is probable, but the question arises..when will it stop? Never? Are we at a verge of basic income and MMT?
Too much resistance to those ideas, so it is unlikely to happen. However, passing every 6 mo a 2-3 trillion bill does not seem likely either.
At the moment, it is clearly gold and high beta stocks that benefit the most. Bitcoin is not in play and I wonder why. maybe because it was in a deep correction for too long and lost its appeal with the fast money. It could be temporary, though. At least, this is my hope, but the whole apple-cart is upside down.
If the trend described below is true, then we would have a deflationary impulse as well:
https://www.politico.com/news/2020/07/19/wage-cuts-economy-crisis-368508Bitcoin has benefited from QE. If we never had QE starting back in 2009, Bitcoins price would probably be lower than it is today.
Im not concerned about Bitcoin trading sideways for the last two months. Since Golds high in May, it is only up 2.5% since. When you zoom out and look at the big picture in a few years, it will look a lot clearer. I think these last two months have felt like forever, but on a time scale it is nothing. Lets see if Bitcoin breaks bullish or bearish first and then see. Gold has broken bullish, will Bitcoin too?