$1 Million BTC? Yeah Right, When Pigs Fly... Wait, Is That a Flying Car!?
· Macro Analysis · Stormrake
- BTC
- ZEC
Yes, we literally got flying cars before GTA VI.
Tesla’s next-generation Roadster went airborne on Thursday in the US. At a SpaceX test site in Texas, thrusters launched the car off a ramp for a midair flip, and Elon Musk’s verdict was that the future does have flying cars.
Yes, it was a brief hop with nobody inside, and production is pencilled in for 2028. We are happy to wave all that through. Flying cars have sat in the pipe-dream bin for as long as anyone can remember, and on Thursday one left the ground.
Pipe Dreams Have a Track Record
Bitcoin knows the feeling. A $100,000 Bitcoin was meme material for years, then it arrived in December 2024.
Before that, plenty of people were certain Bitcoin was finished after it came within a whisker of $20,000 in December 2017. A year later it was trading around $3,100 and the obituaries wrote themselves. By December 2020 many of the same voices were buying at fresh all-time highs above $20,000.
So when somebody asks why $1 million is not possible, we struggle to find the law of nature that forbids it. Nobody has a date, but the question has stopped sounding silly.
The $5,000 Question
Meanwhile, the money-drop genre has a new entry. President Trump has promised a $5,000 “Trump dividend” for every adult citizen if Republicans win both the House and the Senate in November’s midterms.
The pledge carries a price tag of around $1.2 to $1.3 trillion. That is roughly three times the first two rounds of Covid cheques combined, which came to about $450 billion. Whatever the politics, it is helicopter money by another name: cash dropped on the public, with a Treasury that has already stepped into its own bond market to hold yields down.
The last time stimulus cheques were flying around, Bitcoin climbed from around $10,000 in late 2020 to above $60,000 by March 2021. That took about six months.
A Rock and a Hard Place
Central banks are caught between a rock and a hard place. US inflation is running at 3.7%, and Japan’s 10-year yield has touched 3% for the first time since 1996. Hold rates high and the interest bill on government debt balloons. Cut and inflation runs. Print and the currency pays.
In a world of perpetual debasement, we stay focused on hard money. Bitcoin has matured as an asset, and people have stopped asking whether it will stick around. The only question left is how much higher it eventually goes.
Bitcoin accumulating above $80,000 may well rhyme with 2020: a stressed bond market, stubborn inflation and policymakers running low on clean options. We think the setup looks familiar.
$100,000 USD for a single Bitcoin two years ago. Now flying cars? We’re keeping an open mind on the rest.
Stormrake Spotlight: Zcash (ZEC) ($1,078)
Zcash (ZEC) has continued to sell-off over the weekend, with price testing the current support at $1,062, and seeing a small bounce, putting price now at $1,078. If bulls can hold this current local support, there’s a shot at taking out the immediate $1,385 headwind resistance level to reverse trend back to the upside, however is further market indecision and choppiness prevails - then bears have a likely shot at another sell cascade, providing better entries at $1,000 or below.
BTC/USD Key Levels and Price Action:
BTC continues to accumulate at the neckline, holding ground above $81,000 whilst it continues to decide on short-term trend. If the bears keep failing to get BTC below $80,000, that’s where we could quickly see another spike up in price, taking out leveraged short positions, seeing another runaway expansion leg higher - although with the US Midterms and an FOMC meeting scheduled for Oct. 28th, the indecision is likely to continue for a little while longer, providing opportunity for those sidelined to accumulate again in patience-testing sideways periods: just as we did in the mid-60K range only a few months prior.
*All prices are denominated in USD unless stated otherwise*
Written by James Ryan