• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Fat Tail Daily

Investment Ideas From the Edge of the Bell Curve

  • Menu
    • Commodities
      • Resources and Mining
      • Copper
      • Gold
      • Iron Ore
      • Lithium
      • Silver
      • Graphite
      • Rare Earths
    • Technology
      • AI
      • Bitcoin
      • Cryptocurrency
      • Energy
      • Financial Technology
      • Bio Technology
    • Market Analysis
      • Latest ASX News
      • Dividend Shares
      • ETFs
      • Stocks and Bonds
    • Macro
      • Australian Economy
      • Central Banks
      • World Markets
    • Small Caps
    • More
      • Investment Guides
      • Premium Research
      • Editors
      • About
      • Contact Us
  • Latest
  • Fat Tail Series
  • About Us
Technology Bitcoin

Bitcoin Price Breaks $61,000 Ceiling Before Scaling Back (BTC)

Like 0

By Lachlann Tierney, Monday, 15 March 2021

Bitcoin [BTC], the world largest cryptocurrency, broke new records to surpass U$61,000 over the weekend. Bitcoin price climbed as high as US$61,556, according to Coindesk, rising 22% over the past week.

Bitcoin [BTC], the world largest cryptocurrency, broke new records to surpass U$61,000 over the weekend. We examine some of that price action.

Over the weekend, bitcoin climbed as high as US$61,556, according to Coindesk, rising 22% over the past week.

Over the last year, bitcoin climbed more than 1,000% driven by a torrent of speculative interest as well as burgeoning institutional and corporate interest.

Bitcoin’s tipsy-turvy-ride looks set to continue as spirited discussions regarding the nature and outlook for bitcoin persist.

Bitcoin BTC Price chartSource: Tradingview.com

Bitcoin and the US stimulus package

Over the weekend, I wondered how the mammoth $1.9 trillion US stimulus package would impact the market.

Bitcoin vs Gold: Which Should You Buy in 2021?

How would stimulus cheque recipients respond and will any asset class or security benefit?

Well, as Bloomberg reported yesterday, the U$61,000 breach was attributed in part to ‘bets that some of the pandemic relief payments in the U.S. will end up chasing the digital token’s towering rally.’

According to Pepperstone Group’s Head of Research Chris Weston, cryptocurrencies in general, not just bitcoin, have experienced ‘some good flow, with traders front running U.S. stimulus checks.’

Where to from here for bitcoin price?

It is difficult to see exactly where bitcoin and its price go from here.

Many ‘deaths’ have been pronounced only for bitcoin’s price to rally.

However, with bitcoin scaling back from its all-time record over the weekend, investors may well be contemplating the feasibility of bitcoin’s recent trajectory.

Weston pointed out in a note that bitcoin would need to stay above the previous high of just over US$58,000 to persuade investors of a ‘new bull leg.’

Other analysts like Miller Tabak + Co’s Matt Maley think that bitcoin could rally as high as U$75,000 ‘very quickly’ based on some chart patterns, according to Bloomberg.

One thing bitcoin bulls may point to is the emergence of institutional players and the impact these may have on the crypto.

For instance, the likes of Tesla, MicroStrategy, PayPal, and Square have become involved with BTC in a big way.

As a Bloomberg article pointed out, the correlation coefficient between bitcoin and an equal-weighted basket of five stocks, which have proclaimed investments in the crypto — including Tesla and Square — has ‘surged to an average of 0.72 this year from 0.26 in 2020.’

As bitcoin’s weekend surge demonstrates, the crypto market is heating up once more and the next few months will be vital in shaping up investor sentiment.

If you’re uncertain how to assess the recent crypto rallies or are wondering if other asset classes like gold are a better investing option right now, then you should definitely read this free report here.

Our expert will reveal how the gold and bitcoin assets stack up against each other as investments in 2021.

Regards,

Lachlann Tierney

For Money Morning

P.S: Four Well-Positioned Small-Cap Stocks — These innovative Aussie companies are well placed to capitalise on post-lockdown megatrends. Click here to learn more.

All advice is general advice and has not taken into account your personal circumstances.

Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

Comments

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments
Lachlann Tierney

Lachlann’s Premium Subscriptions

Publication logo
Fat Tail Investment Research

Latest Articles

  • Looking for the Catalyst: European Rearmament
    By James Cooper

    Every commodity cycle has a demand catalyst… James Cooper highlights one that few have paid attention to: conflict and military rearming. One of the primary drivers of higher metal prices. Read on to find out why this is important.

  • An oil price spike is in the offing now
    By Callum Newman

    Here’s one way to stop any speculative fever developing in the stock market. Get a big war going. That’s a real risk right now after the US attacks on Iran.

  • The Shopping Revolution No One Saw Coming
    By Charlie Ormond

    Amazon just sacrificed its most sacred business principle. You should be asking why.

Primary Sidebar

Latest Articles

  • Looking for the Catalyst: European Rearmament
  • An oil price spike is in the offing now
  • The Shopping Revolution No One Saw Coming
  • While Markets Snooze, This Microcap is Flying
  • Commodity Cycle: Are You Seeing It Now?

Footer

Fat Tail Daily Logo
YouTube
Facebook
x (formally twitter)
LinkedIn

About

Investment ideas from the edge of the bell curve.

Go beyond conventional investing strategies with unique ideas and actionable opportunities. Our expert editors deliver conviction-led insights to guide your financial journey.

Quick Links

Subscribe

About

FAQ

Terms and Conditions

Financial Services Guide

Privacy Policy

Get in Touch

Contact Us

Email: support@fattail.com.au

Phone: 1300 667 481

All advice is general in nature and has not taken into account your personal circumstances. Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

The value of any investment and the income derived from it can go down as well as up. Never invest more than you can afford to lose and keep in mind the ultimate risk is that you can lose whatever you’ve invested. While useful for detecting patterns, the past is not a guide to future performance. Some figures contained in our reports are forecasts and may not be a reliable indicator of future results. Any actual or potential gains in these reports may not include taxes, brokerage commissions, or associated fees.

Fat Tail Logo

Fat Tail Daily is brought to you by the team at Fat Tail Investment Research

Copyright © 2025 Fat Tail Daily | ACN: 117 765 009 / ABN: 33 117 765 009 / ASFL: 323 988