Bitcoin Rebounds Above 8000
Yesterday bitcoin stopped its multi-week slide from 20000 at around 6500. After briefly hitting the mid 6000's bitcoin has rebounded to over 8000 and is now consolidating for a breakout. With many other the weaker hands out of the crypto market and interest returning, some analysts are predicting bitcoin to reach $50000 by this year's end, an over 500% gain from its current price.
Along with this, equity markets continue to slump with all major US indexes off over 1% in value today. Facing increasing uncertainty about the high valuations of some companies along with concerns over rapidly increasing inflation, stocks have taken a tumble the past week or so.
Will the bitcoin rally continue in spite of an equity market selloff? Only time will tell...
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