Is Bitcoin Poised to Shoot $150,000? Will the Rhodium Rocket Return?

It certainly has turned out to be an interesting day in the markets. Bitcoin has passed through $113,000 for a new all time high. I think to most of us that is no big surprise as the majority of us are all long time holders of the asset. Today there have been calls from various sources around the market calling for a push to $150.000. I do certainly hope they're correct!

However, first I think we need to see that BTC prices can maintain themselves above $110,000. If there is strong support at that level, dare I say $120,000 may be in the very near future. What do you think?

coingecko.com

The chart from today alone is pretty impressive. Let's hope it can keep up that momentum, if it pushes past $120,000 that would a game changer!

But what about Hive and the rest of the alts that have been a bit anemic so far this year? Hive is showing some price increases, but nothing in the magnitude of the BTC price gains. Many of the other alt coins are up 5% or more on the day already such as ETH and XRP. Hive has yet to go much beyond 2%...

coingecko.com

I am hoping that Hive picks up some momentum if BTC continues bulldozing it's way up the chart. We really need to see gains at least on par with the other alts. Any gains in Hive value will make it that much easier to recruit and retain new talent. And that is something Hive desperately needs to see more growth!

The metals markets are another area that you should be watching closely. Over the last six months platinum has been going gangbusters as the price continued to shoot up on concerns of overall market shortages. China has been investing heavily and jewelry demand has also been up, but don't forget the industrial uses. Catalytic converters need the metal to reduce harmful pollutants like carbon monoxide being released into the atmosphere from car engines.

Just look at the charts for the year to date:

kitco.com

Chances are we'll continue to see demand grow over the coming months. Metal shortages don't resolve overnight, it takes months to years of production to make up large gaps in demand.

Another metal that has been largely ignored is palladium. It can be used interchangeably with platinum. It has seen significant price hikes as well as it too is considered in short supply. Just look at the chart for year to date:

kitco.com

That's a trend that is hard to deny! It may be a great place to consider investing.

Now for one I haven't discussed in a long time now, rhodium. Rhodium is a very rare metal found in platinum deposits in very few places such as Russia and South Africa. It is a key component in catalytic converters as well, although you may never have heard of it before. It also is showing a slow upward trend, but rhodium can be very, very exciting as an investor. Here's the year to date, you can see it's up significantly.

tradingeconomics.com

Back in 2020 I bought into rhodium at around $2,000 and was lucky enough to ride the rhodium rocket in 2021. It shot up to just under $30,000 per ounce in just a matter of months. Just have a look at the 5 year chart for rhodium:

tradingeconomics.com

Could another rhodium rocket be in the works with the shortages of platinum and palladium? It's possible, I've got some money already invested in the metal. I'm betting on another rocket ride, but I may be wrong. Rhodium is volatile and you can lose money easily this one. But it's upside potential is hard to ignore!

I know I usually talk more about silver and gold, but these metals are also an exciting place right now.

That will wrap things up for me today. I don't do market posts all that often, but today things look exciting. I hope I will be able to say the same tomorrow! Please feel free to leave any questions or comments below. And thank you everyone for all of your support, it's deeply appreciated. Have a great day everyone!

References:

https://www.kitco.com/charts/platinum

https://www.kitco.com/charts/palladium

https://tradingeconomics.com/commodity/rhodium

https://www.coingecko.com/en/coins/hive

https://www.coingecko.com/en/coins/bitcoin

Disclaimer

I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!

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