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Bitcoin Forecast: Infrastructure Amendment Validates Crypto

Bitcoin Forecast: Infrastructure Amendment Validates Crypto

Rich Dvorak, Analyst

BITCOIN PRICE OUTLOOK: CRYPTO LEGITIMACY VALIDATED BY INFRASTRUCTURE AMENDMENT

  • BTC/USD price action reclaims its 200-day moving average after surging nearly 60% off lows
  • Bitcoin outlook seems to be benefiting from the infrastructure bill’s digital assets amendment
  • The proposed legislation stands to validate the cryptocurrency market and improve credibility
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Bitcoin and other major cryptocurrencies have been on a tear higher over recent trading sessions. BTC/USD price action has advanced five out of the last six days and is now up about 60% from its 20 July swing low. Though appearing technically charged at first, and occurring in spite of US Dollar strength, the massive rebound being staged by Bitcoin now seems to be getting a fundamental boost from a new bullish driver. This is in light of the digital assets amendment that is being tacked on to the infrastructure bill.

BTC/USD – BITCOIN PRICE CHART: DAILY TIME FRAME (21 MARCH TO 09 AUGUST 2021)

BTCUSD Price Chart Bitcoin Forecast

Chart by @RichDvorakFX created using TradingView

To be fair, some crypto pundits have contended that the proposed legislation undermines user privacy and the decentralized system of transactions. One can argue, however, that some increased regulation can stand to benefit the cryptocurrency market as a whole. This is because the regulation and taxation of digital assets is a much better alternative to banning their existence outright. As such, the crypto infrastructure bill amendment plausibly provides a great deal of legitimacyand gives validation to the digital asset class.

In other words, the proposed legislation is a nod of acknowledgement from US politicians that crypto is a force to be reckoned with. The amendment could also help improve investor confidence more broadly. Senator Rob Portman expounded on this point by stating “cryptocurrency is a digital asset that more and more people are investing in. And we should want that to continue, and continue in a healthy and sustainable way.” That said, more market regulation of cryptocurrencies, so long as it does not become too stifling, might pave the way for major corporations to follow in the footsteps of Tesla by adopting Bitcoin as well.

Keep Reading – Bitcoin vs Gold: Top Differences Traders Should Know

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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