Welcome back to the wild world of crypto, where the only constant is volatility—and the occasional jaw-dropping rally. If you’ve been following CryptosRUs, you know that George, the channel’s host, has been preaching the gospel of Bitcoin and crypto for years. In his latest video, George dives into why the second week of January 2024 could be the start of something massive for Bitcoin and the broader crypto market. Buckle up, because this ride is about to get bumpy—and potentially very profitable.
Bitcoin’s Climb to $100,000: A Slow and Steady March
Let’s start with the big headline: Bitcoin is inching closer to $100,000. Yes, you read that right. After a brief dip to $92,000 a couple of weeks ago, Bitcoin has been steadily climbing, hovering around $99,000 as of this week. George points out that this is a classic example of why you should never panic during short-term volatility. “The Bull Run is certainly not over,” he says. “It’s just getting started.”
For those who’ve been dollar-cost averaging (DCA) into Bitcoin, this is your moment to shine. George emphasizes that holding through the dips and continuing to invest is the key to long-term success. And if you’ve been following his advice, you’re probably sitting on some nice gains right now.
Why the DXY Drop is a Big Deal
One of the key indicators George highlights is the drop in the DXY (U.S. Dollar Index). The DXY measures the strength of the U.S. dollar against a basket of other currencies. When the DXY drops, it’s usually a sign that investors are moving away from the dollar and into riskier assets—like Bitcoin and tech stocks.
“We haven’t seen a drop like this since August 2024,” George notes. “This is a really great thing for assets like Bitcoin.” In other words, when the dollar weakens, Bitcoin tends to shine. And with the DXY dropping like a rock, the stage is set for Bitcoin to make its next big move.
CES, Nvidia, and the AI Boom
This week also marks the start of CES 2024, the biggest electronics show on the planet. Held in Las Vegas, CES is where tech giants like Nvidia showcase their latest innovations. And this year, all eyes are on AI.
George speculates that Nvidia’s announcements at CES could spark a wave of excitement in the tech and crypto markets. “Whenever Nvidia talks about AI, you know something big is coming,” he says. “It could cause a whole bunch of commotion and excitement.”
And let’s not forget the jobs report coming out this Friday. If the report shows weakness in the job market, it could push the Federal Reserve to cut interest rates—a move that would likely boost Bitcoin and other risk-on assets.
FTX Creditors and the $14 Billion Question
Here’s another wildcard: FTX is set to repay its creditors within the next 60 days. We’re talking about $14 to $16 billion in stablecoins that will be distributed to those who lost money in the FTX collapse. So, what happens when all that money hits the market?
“A lot of crypto people are going to get their stablecoins back,” George says. “And what are they going to do with that money? They’re probably going to buy Bitcoin.” This influx of capital could provide a significant boost to Bitcoin’s price, especially if it coincides with other positive market developments.
Bitcoin vs. Gold: The Ultimate Showdown
George also takes a moment to compare Bitcoin to gold, the traditional safe-haven asset. “There’s no metal on this planet that has outperformed Bitcoin,” he says. “Bitcoin is pharmaceutical gold—a better version of gold with all the goodness and none of the bad.”
He points out that Bitcoin has consistently outperformed gold over the past decade, and he believes that trend will continue. In fact, some analysts are predicting that Bitcoin could reach $200,000 by the end of this cycle. And George thinks that’s a conservative estimate. “Many feel that Bitcoin could go a lot higher—maybe even $500,000,” he says.
MicroStrategy’s Bitcoin Buying Spree
Speaking of Bitcoin’s potential, let’s talk about MicroStrategy. The company, led by Bitcoin evangelist Michael Saylor, has been on a Bitcoin buying spree. Just last week, MicroStrategy purchased another 1,000 Bitcoin at $94,000 each. That brings their total holdings to a staggering 447,000 Bitcoin.
“Saylor continues to add Bitcoin like it’s nothing,” George says. “And he’s not the only one. Other companies are following in his footsteps.” For example, Cooler Technology and Metaplanet have also been accumulating Bitcoin, signaling a growing trend of institutional adoption.
The Hash Rate and Bitcoin’s Next Breakout
One of the most interesting points George makes is about Bitcoin’s hash rate. The hash rate, which measures the computational power securing the Bitcoin network, has been steadily increasing. Historically, when the hash rate goes up, the price of Bitcoin tends to follow.
“Bitcoin is the only asset where the price trails the hash rate,” George explains. “You have periods where the hash rate continues to go up, but the price doesn’t move. And then, boom—the price starts breaking upwards.”
With the hash rate at all-time highs, George believes that Bitcoin’s next breakout moment is just around the corner. And when it happens, it could send Bitcoin soaring to new heights.
Altcoins: The Sleeping Giants
While Bitcoin is the star of the show, George also highlights some altcoins that are making big moves. XRP, for example, has recovered to $2.41 after hitting a low of $1.95 just a couple of weeks ago. “XRP is one of those coins that have climbed up really fast,” George says. “If you had the opportunity to pick it up at $2, you’re sitting on some nice gains right now.”
Another altcoin to watch is Solana. With its Quantum-resistant vault for security and upcoming ETF approvals, Solana is poised for a strong year. “Fundamentally, Solana has never been stronger,” George says. “They’ve also recovered in a big way, and I expect that to continue.”
Final Thoughts: The Bull Run is Just Beginning
As George wraps up his analysis, one thing is clear: the crypto market is heating up, and the Bull Run is far from over. Whether you’re a Bitcoin maximalist or an altcoin enthusiast, there are plenty of opportunities to capitalize on the current market trends.
So, what’s next for Bitcoin and crypto? Will we see Bitcoin break through $100,000 and keep climbing? Or will altcoins steal the spotlight? Only time will tell, but one thing’s for sure: the next few months are going to be wild.
Join the iNthacity Community
What do you think about Bitcoin’s next big breakout? Are you bullish on altcoins, or are you sticking with Bitcoin? Share your thoughts in the comments below and join the iNthacity community—the Shining City on the Web. Like, share, and participate in the debate. Let’s make 2024 the year of crypto!
Wait! There's more...check out our gripping short story that continues the journey: The Last Beacon
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