WHY IS EVERYONE BEARISH ON BITCOIN?

Bitcoin’s decline earlier this month and the subsequent failure of the cryptocurrency to rebound have concerned several analysts.
They assume the strong rejection at the $12,000 highs is a sign that, as compared to a macro bull market, the cryptocurrency remains in a macro range.

However, this may not be the case.

The chart below ( September 27th) shows that BTC’s recent decline from the $12,000 highs to $9,800 was a pivotal horizontal level macro re-test where the asset topped in February.

Image
Chart of BTC’s macro price action since the start of 2017 with analysis by crypto analyst MacroCRG (@MacroCRG on Twitter). Chart from TradingView.com

As support indicates that there is more upside in the works, Bitcoin continues to affirm that amount.

The same analyst noted that he is not overly worried about future election threats, which some fear could sink global markets. He clarified that after the election volatility passes, risk markets worldwide should perform well as capital enters markets again.

Bitcoin, which has become connected to legacy markets over the pandemic, is likely to further rally in the stock market.

“We’re also headed into some serious positive seasonality going into Q4. It may be a rocky few months due to US Election but we’ve already had a deep pullback across risk markets. When the US Election is out of the way I think everything will explode. #BTC.”

FUNDAMENTALS ALSO DECISIVELY BULLISH

Through this, when human and financial capital reaches the room en-mass, the Bitcoin space dynamics are more bullish than ever.

As Fidelity, PayPal, Microsoft, Visa, the Intercontinental Exchange, and others thrust serious resources behind crypto-assets, the infrastructure is rapidly improving. Through the a16zs and Sequoias of the planet, trillions enter the room. As they anticipate development, Paul Tudor Jones, Jack Dorsey, Elon Musk, Peter Thiel, and Marc Andreessen are all siphoning their efforts into space.

LEAVE A REPLY

Please enter your comment!
Please enter your name here