$51k Bitcoin Is Eating Gold As Hedge Funds Position Short $1 Billion

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American commentators and crypto fans like Anthony Pompliano had to resist sleep as Bitcoin broke through the $51,000 barrier easily in the early hours of Wednesday morning in Europe.

Meanwhile Gold is seeing a dropping price tag and ditto interest. Crypto fans are drumming up support on social media as hedge funds buy over one billion dollars in shorts on Bitcoin.

#Bitcoin is eating Gold in one chart! Gold/Bitcoin ratio hit fresh All-Time low. pic.twitter.com/faWhyzYkQD

— Holger Zschaepitz (@Schuldensuehner) February 17, 2021

51,000 Bitcoin One Day After 50,000 Bitcoin

While most of us are taking into account a retracement to a $40k level for a possible retest, Bitcoin thought differently and broke through the $51k level this morning.

Looks as if #Bitcoin is eating #Gold. While the cryptocurrency hit fresh ATH >51k, Gold has dropped <$1800. pic.twitter.com/sCorEFrV2f

— Holger Zschaepitz (@Schuldensuehner) February 17, 2021

Technical analyst and renowned crypto trader Scott Melkert, known as the Wolf of All Streets, posted a video yesterday of a possible path for Bitcoin to $100,000 in the next few weeks and months.

As one can assume, it includes some retracement along the way, but according to him there is a possibility it might happen.

:youtube[Zfy7EP0SVSE]

Meanwhile the graph showing the gold price versus Bitcoin’s price is clearly indicating that institutional money is flowing out of gold and into Bitcoin, just as younger CEO’s and CFO’s of companies embrace crypto.

Gold bug Peter Schiff is getting trolled by the cryptosphere with a constant barrage of reminders.

$51,000 #bitcoin done, lololololol @PeterSchiff.

Next! https://t.co/DfrDMIJcJv

— Peter McHODL (@PeterMcCormack) February 17, 2021

SatoshiStreetBets

Over on the other side of the field, classic finance is lining up against Bitcoin in fact. The popular account Documenting Bitcoin showed only a few hours ago that the total amount of shorts on Bitcoin taken out against the cryptocurrency by hedge funds had now passed $1 billion dollars.

Hedge funds are short #bitcoin
Pass it on. pic.twitter.com/JJHjZG6JAN

— Documenting Bitcoin 📄 (@DocumentingBTC) February 17, 2021

We don’t know if the SatoshiStreetBets group is big enough to take on the hedge funds like WallStreetBets took them on with GameStop, but, using a popular meme from that last group I have to answer with… so you are saying a short squeeze is possible?