Crypto Briefing 6/11/23 – The Forecast

Crypto Briefing 6/11/23

Crypto Briefing 6/11/23

With a great deal of uncertainty surrounding the altcoin market at present, in today’s brief, we will be discussing Bitcoin and its long-term future. Even though there may be a lack of confidence surrounding altcoins due to the SEC going after firms like Coinbase and Binance, we believe that Bitcoin has the potential to flourish irrespective of the regulatory environment.

As it stands, the crypto market at large provides extremely little utility. While there has been the promise that blockchain technology will revolutionize the legacy financial system, supply chain management and tokenization, we have seen little in the way of real-world adoption.  In comparison to this, Bitcoin continues to be a store of value albeit a volatile one.  

Throughout this decade, it is our thesis that people will begin losing confidence in governments, and turn to alternative assets to find financial refuge.  Regardless of whether governments outlaw Bitcoin, there will always be black market demand for it. This demand will likely outlast any regulations hurled at it.

We believe that Bitcoin has a high probability of being considered the next iteration of money. As the world begins to become more multi-polar with countries like China and Russia challenging U.S. hegemony, we expect to see cracks in the currencies of Western powers.  When there is no longer a sufficient level of confidence in the Euro and the dollar, countries will likely incorporate assets like Bitcoin into their national currency reserves.

Looking at the weekly chart, we can see that Bitcoin is nearing stiff resistance. Into the summer, we expect BTC to test this level but be rejected and return to its prior low or set a new low.