It is not Bitcoin that appreciates, but the dollar that depreciates, says Stormer

Trader claims that the U.S. government will need to roll over $9 trillion in debt in the second half of the year, one-third of the total, with high-interest rates; the market rushes towards cryptocurrencies and emerging markets

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Alexandre Wolwacz “Stormer”, one of the most experienced traders in the country, explains that the record value reached by Bitcoin is something that has been announced for some time.

“Bitcoin is currently driven more by institutional investors. For them to take the positions they assume, they cannot buy everything in one day,” he explains.

“In the last month and a half to two months, while we have seen the dollar losing value against the real and against other currencies, institutional investors have been using these days to accumulate as much Bitcoin as possible,” he says.

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“Until the moment comes when they take everything they wanted, they stop selling and retail begins to push Bitcoin up, and that’s what we are seeing,” he adds.

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Where is Bitcoin going

For Stormer, who is also a co-founder of the Liberta office, accredited to XP, the question now is where Bitcoin goes after surpassing the $110,000 barrier. “Looking at the chart, the resistance is in the area of $125,000. That is the next target,” he says, adding that the cryptocurrency is in an upward trend, although there may be a correction and profit-taking in the short term.

He explains that the dollar is losing value against most currencies in the world. “This has given an important push to Bitcoin. It’s not Bitcoin that is appreciating; it’s the dollar that is depreciating,” he emphasizes. The triggers for this to occur, according to the trader, are two.