Authored by Adam Taha via BitcoinMagazine.com,

With rampant inflation and institutional unease in the air, bitcoin is prepared to gain exponentially.

The latest consumer price index (CPI) print came out at a shocking 9.1% (9.8% in cities), and many speculators expected bitcoin's price to "moon." What happened was the opposite and bitcoin's price action correlated with other risk assets. Many threw an expected tantrum and asked why? "I thought BTC was a hedge against inflation … when moon?"

Keep in mind that bitcoin is a 13-year old resilient asset with just 13 years of network effect. How is it resilient? While the dollar, as we all know, has continued its meteoric climb, posting fresh yearly highs versus the British pound, euro, and Japanese yen year to date, making it a wrecking ball against most foreign currencies and risk-on assets.

However, for the past few weeks something incredible started happening: The price of bitcoin (in USD) has been building on strong support even as the dollar gains. This signifies a massively important event in my opinion.