Bitcoin has been on a sharp recovery since the March lows of $3,700.
Although many have prescribed as the aforementioned rejection as a death knell of the multi-month bull trend, a prominent strategist says that if Bitcoin doesn't continue to rally, something needs to go "Really wrong."
Bitcoin is almost confirmed to rally higher, analysts say.
Like the past five reports McGlone released on the topic of Bitcoin, he held a bullish tone, going as far as to say that "Something needs to go really wrong for BTC not to appreciate" as aforementioned.
Bitcoin is outperforming the "Crypto Gaggle," showing that it is on bull market footing.
Bitcoin has the "Highest-for-longest 52-week correlation and beta ever" with gold.
Grayscale Investments is absorbing a massive supply of BTC. The macro trends have been so bullish that Peter Brandt, a prominent commodities trader and Bitcoin bull, opined in March that he thinks this macroeconomic and geopolitical environment is the "Perfect storm" for BTC. That's to say, if the cryptocurrency doesn't rally now, the industry is in "BIG trouble."
If Bitcoin cannot rally on this, then crypto is in BIG trouble.
These macro factors aside, a sentiment among many is that if the S&P 500 starts to crash again, so too will Bitcoin.
"Bitcoin will be owned unlevered. Could the price retest $3,000? Absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again. As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime."
Top strategist says if Bitcoin doesn't rally now, something needs to go "really wrong"
Publicado en Jun 6, 2020
by Cryptoslate | Publicado en Coinage
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