Bitcoin is since the March low of $ 3,700 a in a significant recovery. Even after a brutal rejection on the resistance level of $ 10,500 BTC is still up more than 160 percent above the lows, surpassing every other investable Asset in the amount of several billion dollars, with the exception of Ethereum.
Although many of the above-mentioned rejection of death as transparent bumper for the multi-month upward trend to consider, is a prominent strategist convinced that, if Bitcoin continues to recover, “something really wrong must go”.
That is to say: It is almost confirmed that BTC will move due to a convergence – i.e., a “perfect storm” of technical and fundamental factors continue to the top.
Bitcoin is destined to rise higher, analysts believe
On 2. June published Bloomberg-Senior commodity strategist Mike McGlone its latest monthly report on the crypto-currency market.
As in the last five Reports, the McGlone on the subject of Bitcoin has been published, he was optimistic and said that “something must really go wrong, so BTC reflects the”.
Title page of Bloomberg’s crypto-report of June, Analyst Mike McGlone
The bullish sentiment of analysts arises from a combination of factors:
Bitcoin surpasses the “Crypto Gaggle” and shows that he is on the bull course. Altcoins could eventually follow.The crypto-currency Matures it continues to be “digital Gold”, since this was a year of “unprecedented easing by the Central banks”.Bitcoin price action is a mirror image is “Lich” to the price action after the halving in 2016. BTC should follow the historical Trend of the Asset “to the record high of about US $ 20,000 this year” approach.The volatility decreases due to the rapidly increasing adoption of Futures and options, with the result that prices “will remain in the direction of appreciation of the inclined”.Bitcoin has the “highest correlation of 52 weeks and the highest Beta of all time” with Gold. Since Gold will rise due to the above-mentioned cash pressure is expected, should BTC follow.Grayscale Investments absorbed a massive range of BTC.
The macro-economic Trends were so bullish that Peter Brandt, a prominent commodity Trader and Bitcoin COP, announced in March that he believes that this macro-economic and geopolitical environment for the “perfect storm” for BTC.
That is, when the crypto-currency is not recovered, the industry is in “BIG trouble”.
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There is the risk of a crash of the S&P 500 is still
Apart from these macro-economic factors, many are of the opinion that, if the S&P 500 crashing again, even Bitcoin will crash.
Arthur Hayes, CEO of crypto-derivatives platform BitMEX, wrote in a recent issue of his newsletter “Crypto Trader Digest” about Bitcoin:
“Could be the price again to $ 3,000? In any case. If the SPX to fall, and 2,000 tests, it is expected that all asset classes are gonna be sick again. So violently, the break-in of assets in of 1. Quarter was, we have nearly weights 100 years, unequal to the ancient Régime to resolve.“