Cryptocurrency Market Analysis [February 27]

Cryptocurrency Practical Investment Article February 27

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【Cryptocurrency Market Analysis】

The price movements of cryptocurrencies since last week

are summarized as follows for the (one week) period

Summary: current price and change from one week ago

※From this time, we will use a dollar notation.

（Cryptocurrencies have a lot of information from overseas, so dollar notation is easier to express）

※1Dollar =149Yen

Bitcoin

56900Dollar(7.7％）

Ethereum3255Dollar(8.6%）

Solana109Dollar(8.6%)

Bitcoin rose sharply since last week and reached a new high.

Bitcoin daily chart

Bitcoin weekly chart

Considering the current price of Bitcoin,

○target price is $64,000 (9.5 million yen)

○the previous peak was $69,000 (10.35 million yen) in 2021※yen depreciation makes Bitcoin-denominated price high

Bitcoin updated its all-time high in Japanese yen on the 28th, recording 8.5 million yen. It has not yet updated its all-time high in US dollars.

In other words, for Japanese holders converting to yen, the depreciation makes Bitcoin price in yen appear exceptionally high, giving the impression of greater enthusiasm than overseas markets.

Overseas markets have not yet shown a bubble impression.

Currently, more and more countries are updating their Bitcoin all-time highs.

These countries include South America, South Africa, Latin America, etc. … Is Japan in trouble keeping up with these currencies?

When Bitcoin updates its all-time high, it also indicates weakness in that country’s currency.

Japanese investors increase profits by holding assets outside yen, but there may be concerns about the country they live in for other reasons as well.

Around a couple of weeks ago, President Biden’s Twitter post on X drew attention for a laser-beam-eyed look.X)This is sometimes used to indicate giving a directive to cryptocurrency as it gains momentum. From the president’s action, Bitcoin prices in yen rose to a new all-time high, and while it can fall, it generally trends upward.

In Japan, it seems Bitcoin reaching new highs isn’t attracting much attention. Why is that?

It’s commonly reported in the news when the Nikkei stock average hits a new high.

When Bitcoin hits a new high in price, selling yen to buy Bitcoin accelerates further. This further weakens the yen; is this what the government desires?

I sense there may be some hidden reasons that deliberately obscure information dissemination.

BitcoinETFwill cause the United States to hold more Bitcoin. I personally am watching whether this will become a global trend in the future.

※In the paid subscription portion, we conduct more in-depth stock analysis. Even beyond Bitcoin and Ethereum, we aim to take a deeper investment approach. If you want to know the future trend of the cryptocurrency market and ride the wave, please consider subscribing. Continuous research is very important.

（This article has been distributed since 2016）