Gold and silver have been in a brutal downtrend since last August.
Bitcoin and other crypto names have experienced a meteoric rise since last August, but signs of a top are here.
Gold and silver have been a store of wealth on this planet for 5000 years. But for the first time they are now competing with a new store of wealth: cryptocurrencies. People are drawn to Bitcoin for many reasons. Some feel it is a hedge against the dollar. Other investors feel it is a replacement to gold. Some view it as a medium of exchange outside the current financial system. Other enthusiastic Bitcoin holders feel it will eventually replace the US dollar. Only time will tell the ultimate fate of Bitcoin. Our expectation at The Forecast if for Bitcoin to rise in value into 2024-2025 with some long periods of consolidation. Last summer in July we issued a buy in Bitcoin on a Saturday morning based on our AI system to our Gold Members when price broke below $10,000. We expected a strong rally into December and were not disappointed. We sold with a healthy profit in November following the US Presidential elections. We left profit on the table, but stayed with our risk-averse strategy at the Forecast by selling many positions following the contested US elections in what could have turned out to be a turbulent period of time for many markets. Bitcoin is ultimately here to stay. However, once the Fed’s cryptocurrency coin is launched – not if but when – expect draconian restrictions, suppression, and regulations on major cryptocurrencies like Bitcoin. In the future, it seems likely for crypto and precious metals to merge in either a gold-backed cryptocurrency or gold and crypto-backed dollar. One long term favorite cryptocurrency at the Forecast with tremendous upside is XRP, which has the greatest functional potential to be used as a financial ledger system. No other coin can presently match its efficiency or speed to process financial transactions. In closing, expect precious metals and crypto currency to share the limelight going forward which is a positive for us as both can deliver some very large trending profitable moves for our members. We expect a major high for metals this summer and a low for Bitcoin and will look to harvest profits in both assets classes.
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