"Bitcoin could make a marginal new low –to ~1,786—but again, not much further than there. Anything above 3,000 (Jun. 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691."A technical analysis on market dynamics. No cause and effect.
The cause is the promise of central bank non equilibriating moves, each one of which advances the utility of bitcoin as a central bank neutral currency. Beyond that, bitcoin is stuck waiting for branded side chains.
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