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BTC Price Breakout 'Never Seen Before' — 5 Things to Know in Bitcoin This Week

Bitcoin commentators predict a historic BTC price breakout. Key resistance at $69,000 is under watch as economic data and technical indicators align.

• Main Points:

  • BTC Price Target: Momentum aims at $69,000; sustaining above this level is crucial for new highs.

  • Market Sentiment: On-chain metrics signal a bullish comeback; fundamentals near all-time highs.

  • Economic Data Impact: Upcoming U.S. jobless claims and unemployment figures could drive volatility.

  • Technical Patterns: The longest consolidation phase hints at a significant breakout.

  • Exchange Activity: Major BTC withdrawals from Kraken suggest a potential supply shock.

• Detailed Insights:

  • BTC Price Target: Bitcoin needs to maintain above $69,000 for further gains. Liquidity shows strong bids around $66,000.

  • Market Sentiment: High compression levels and historical breakout patterns suggest bullish momentum. BTC’s performance against the U.S. M1 money supply is a positive indicator.

  • Economic Data Impact: Jobless claims and unemployment data may impact market volatility and influence Fed policy.

  • Technical Patterns: A five-year broadening wedge pattern indicates a major upcoming move, similar to the 2017 breakout.

  • Exchange Activity: Kraken saw 48,000 BTC withdrawals, hinting at reduced supply and potential for price increases.

Related: 3 Signs Ethereum Will Break $4K in June

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Musk vs. Nakamoto: A 210% Bitcoin Surge Could Change the World’s Wealth Rankings

Elon Musk is the richest person, but a 210% increase in Bitcoin’s price could make its creator, Satoshi Nakamoto, the wealthiest.

• Main Points:

  • Current Wealth: Musk leads with $210 billion; Nakamoto is 23rd with $67.72 billion.

  • Potential Surge: A 210% BTC rise to $210,000 per coin could elevate Nakamoto above Musk.

  • Market Impact: This would mark a historic shift in global wealth rankings.

• Detailed Insights:

  • Current Wealth:

    Elon Musk, with ventures like Tesla, holds $210 billion. Satoshi Nakamoto, Bitcoin’s creator, has $67.72 billion.

  • Potential Surge:

    If BTC hits $210,000, Nakamoto’s wealth could surpass Musk’s, contingent on market performance and Musk's asset changes.

  • Market Impact:

    Such a surge would revolutionize wealth indices, highlighting cryptocurrency’s potential to reshape global financial standings.

Related: Elon Musk: Crypto Can Empower People

Nobel Laureate Paul Krugman Claims 'Inflation Bump Is Over' — Peter Schiff Disagrees

Paul Krugman says inflation is subsiding, but Peter Schiff argues it will reaccelerate and dismisses Krugman's view.

• Main Points:

  • Krugman's View: Inflation is over based on Fed data showing modest price increases.

  • Schiff's Rebuttal: Schiff criticizes Krugman for not predicting the inflation bump and forecasts rising inflation.

  • Economic Outlook: Schiff warns of recession and stagflation, predicting double-digit inflation due to Fed policies.

• Detailed Insights:

  • Krugman's View: Nobel laureate Paul Krugman believes the inflation bump is over, citing the Fed's Beige Book data on modest price increases.

  • Schiff's Rebuttal: Gold advocate Peter Schiff argues Krugman’s view should be dismissed, predicting a reacceleration of inflation and criticizing Fed policies.

  • Economic Outlook: Schiff warns that the U.S. economy is weakening, with indicators pointing to rising inflation and potential stagflation.

Related: Trump's 2024 Election Odds Remain Strong Despite Conviction

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results