Two Macro Calls That Could Propel Bitcoin to $14,000 This Year

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Bitcoin may hit $14,000 in the coming quarter. The analogy appears out of two extremely bullish calls made for the US dollar and Gold. Bitcoin has shown an extreme correlation with the two macro assets this year. Bitcoin may have some fuel left to continue its 2020’s run-up towards the $14,000-mark. The level–last approached in 2019 against the backdrop of an escalating US-China trade war and falling yuan– has fallen back into the radar of Bitcoin bulls. Only this time, the weakening US dollar has replaced its Chinese counterpart as the cryptocurrency’s bullish catalyst. Meanwhile, fears of inflation caused by the US Federal Reserve’s dovish policies have improved Bitcoin’s upside prospects. Bids for safe-havens have gone higher as the central bank maintains its benchmark rates near zero, crushing bond yields. That has sent the price of Bitcoin and its traditional hedging rival, gold, up north. Bitcoin and Gold’s performance against…

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