Crypto Industry News:
Renowned entrepreneur and author Jeff Booth has backed Bitcoin as a "must" investment at a time when central banks are exacerbating the escalation of the debt problem. Comments appeared on Twitter in a thread discussing the notion that central banks believe they can somehow avoid the massive debt problem by increasing their debt exponentially.
Jeff Booth, author of The Price of Tomorrow, pointed out that even before the COVID-19 pandemic added fuel to the fire, global debt was $ 250 trillion in a global economy worth around $ 88 trillion, of which $ 185 trillion was added to the fire over the past 20 years. According to statistics, the United States ranks first on the list of public debt with over 10% of global total debt and a steadily growing amount of $ 26.7 trillion.
Booth thinks the only two options left are grim. The first is the government default on global debt as a result of a deflationary depression, which would mean a collapse of the banking system, or the default as a result of hyperinflation, which seems to begin with mass printing of money:
"In my humble opinion, Bitcoin is a must. Not only for its wealth, but also as a lifeboat."
Booth's publication is a sharp warning of two dangerous economic trends that he believes are largely ignored. He argues that technology and price deflation will result in persistent and widespread unemployment, while the world economy is supported by an unstable mountain of debt. With that in mind, Bitcoin may be one of the few remaining lifeboats available.
Technical Market Outlook:
The BTC/USD pair has been trading inside of the ascending channel for all the weekend and is still hovering around the level of $10,940 which is a local technical resistance for a price. The upside momentum has clearly decreased ahead of the supply zone and if the bearish pressure intensify, the market might make a correction towards the level of $10,703 (intraday support) or $10,586 (technical support). The weekly trend remains up.
Weekly Pivot Points:
WR3 - $12,186
WR2 - $11,616
WR1 - $11,271
Weekly Pivot - $10,739
WS1 - $10,293
WS2 - $9,807
WS3 - $9,393
The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.
The material has been provided by InstaForex Company - www.instaforex.com