Stakes For Bitcoin Are Highest Since The 2017 Bubble

Bitcoin’s chart is at a crucial area. Stuck between lower highs since 2017 but higher lowers in its long-term trend, and the heralded “havening” around the corner, bitcoin speculators expect King Crypto to be on the verge of a monster move higher. But if bitcoin serves the purpose that true believers think it will, the next big move is likely to be lower.

The most important debate around crypto is whether investors should think of bitcoin as a “safe haven” asset like gold and bonds. It’s the question that matters most to true believers, who see bitcoin as the solution to global central banks undermining fiat currencies. But at least in the short-term, evidence from the global economy suggests central banks will be able to stay out of the picture. If bitcoin really is a safe haven, then it should resume its trend lower.

There’s no perfect box in which to put bitcoin, but bitcoin’s overall trend the last 12…