As US-dollar inflation reaches a 40-year-level high, Bitcoin is lagging under US$48k for the moment. Largely seen as a hedge against that narrative… shouldn’t BTC be pumping today?

Maybe, but not necessarily. Actually, after the greenback inflation figure (6.8%) did the news rounds earlier, Bitcoin (BTC) surged to a daily high just above US$50k.

Annnnd then it tanked again… well, back down to its current price of about US$47,500. This is a level BTC has dropped to, and held, a number of times in the past two days or so. Can it/will it hold there as support again? We’ll have an answer to that, most likely, by the time we hit “publish” on this quick roundup.

CoinGecko.com

 

If the DXY (US dollar index) drops in any significant way off the back of the inflation-spike news, then perhaps Bitcoin will do its equal-and-opposite reactionary thing… to the upside.

At the time of writing, though, the entire crypto market cap continues its daily slide – down another 2.6 per cent since this time yesterday and sitting around US$2.34 trillion, give or take a few hundred million.

For crypto investors (especially overexposed ones), it might seem like a high-stakes game where everything’s in the balance right now.

Bitcoin and crypto investing is a bit like an Ashes cricket Test, though, and should probably be viewed as a game of extreme patience, amid bursts of narrative-shifting volatility. (Not a cricket fan? Swap the analogy for virtually any other non-sprint-based sport.)

Coin360.com

Let’s get the latest thoughts on the OG crypto and market-mover in chief (BTC) from some of Crypto Twitter’s prominent analysts and traders…

Dutchman Michaël van de Poppe is sticking with his thesis of sideways chop for the rest of 2021, grinding up into early 2022 with some potential serious upside towards the middle of the year.

It’s the same “lengthening cycles, diminishing returns” kind of outlook that the data analyst and YouTuber Benjamin Cowen regularly propogates.

PlanB, the creator of the Bitcoin Stock to Flow chart (which models a target of at least US$100k by the end of 2021), meanwhile is largely sticking to his bullish guns and is certainly not entertaining the idea that US$69k was the top of this cycle.

As for Dr. Jeff Ross, Bitcoin analyst and CEO of Vailshire Capital Management, it’s a zoom-out kinda day. And a BTC fit to something known as Metcalfe’s Law, which is a user-and-network-growth model. He explains it well in this tweet…

 

Mooners and shakers

Just quickly then before we wrap things up for the week, let’s scout up and down the crypto market-cap lists for strong movers in either direction… (And we’re not getting out of bed for anything less than double-digit gains or losses for this wrap-up.)

At press time, some notable daily gainers include: lending-platform Celsius Network (CEL) +11.4%; internet of things protocol IoTeX (IOTX) +10.7%; play-to-earn NFT trading-card game Gods Unchained (GODS) +40%; and in-game NFT-enabling smart-contract platform Altura (ALU) +14%.

No time for losers? There are plenty of those on a 24-hour timeframe right now, so yep, here are some that stand out, including: gaming projects Chain Games (CHAIN) -20%, and Exeedme (XED) -15.2%; as well as the highly promising, big-brained DeFi liquidity protocol Tokemak (TOKE) -15%, who we interviewed not so long ago.

Have a good weekend. Oh wait, one more thing to check. Is Bitcoin (BTC) holding that US$47.5k support level at press time? Hmm, it’s hanging on… by a thread.

The next level of BTC support to hope for below that looks to be around US$46.5k.