Latest Bitcoin Breakout Highlights an Overlooked Opportunity

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InvestorPlace – Stock Market News, Stock Advice & Trading Tips

You know me as a long-term investor in hypergrowth themes and stocks.

Smartphone with Bitcoin chart on-screen among piles of Bitcoins

Source: Shutterstock

To me, that’s the best way to build your wealth and realize your financial dreams. That’s why we talk a lot about the massive, exciting trends changing our world and making investors rich.

So here’s one thing you may not know about me …

I’m an avid chart reader.

I learned the importance of charts and how to really read them in my first job (as a stockbroker) from a mentor who has stayed a lifelong friend.

This was before smartphones, which means I learned the old-fashioned way — at happy hour after work.

On “bev naps” — those little napkins you get with your drink — we would draw charts, map out strategies, and anything that would give us an edge.

I still have a few of those napkins. They contain some of the best investing lessons I’ve ever learned.

That includes about breakouts, which is when a stock or other asset class “breaks out” to higher prices on big volume.

Breakouts are significant on many levels, and they are often a prelude to much higher prices.

I know 2021 is only six weeks old, but we’ve already witnessed a significant breakout that may go down as one of the greatest in history…

If you’ve been following bitcoin at all, you know exactly what I’m talking about.

I’m extremely bullish on bitcoin, blockchain, and especially smaller cryptocurrencies known as altcoins. (We just talked more about the opportunity in the new Crypto Investor Network Monthly issue released yesterday.) They are the kind of hypergrowth investments I love in transformational technologies that will change our world and make smart investors a ton of money.

But wow!

The world’s largest cryptocurrency has been on an amazing run … up 162% in just three months, even with a pretty steep pullback thrown in.

The first breakout came in December when bitcoin rallied above $20,000 for the first time ever. This sparked a social media frenzy as long-term bitcoin believers rejoiced, and it kept right on going.

Less than a month later, bitcoin more than doubled to $41,000.

It pulled back to $30,000 in late January, bouncing right off the 50-day moving average before marching higher and breaking out yet again to nearly $50,000.

About Post Author

Saubio admin

A Saubio member. So SAUBIO stands for GOOD LIFE which is what we all strive for as human beings, for ourselves, our family and our relationships with the people around us and the world we live in.
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