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Bitcoin Price Could Spark a Massive Market-Wide Rally If It Bounces at This Key Level
Crypto Bullet – another popular cryptocurrency analyst on Twitter – explained in a tweet that the BTC price is currently approaching a key macro trendline that has historically sparked explosive upwards movements.
“BTC 1M log scale update. Let’s once again take a look at our beloved log scale chart. As long we are closing the monthly above the trend line this is just another great buying opportunity. Zoom out and look at the big picture,” he explained.
If Bitcoin posts a highly bullish response to this level as it has done in the past, it is highly probable that the aggregated crypto market will also incur some intense upwards momentum in the weeks ahead.
Bitcoin Is Money Printing Protection as US Bond Yields Hit Lowest Ever
Bitcoin (BTC) is not a hedge against “every” global meltdown but will ultimately protect its users from central banks, governments and fiat money printing.
That was the consensus building among cryptocurrency supporters on March 10, as traders awaited the next stage of worldwide panic — this had given much of the economy its worst day since the 2008 financial crisis.
On Monday, currency markets and stocks led the losses, which were later joined by markets such as United States government bond yields. In a move unprecedented in history, the entire U.S. bond yield curve dropped below 1% — signaling intense concern from traders over a global recession, an oil price war and, of course, coronavirus.
At the same time, Bitcoin shed around 15% overnight, volatility which at press time had nonetheless subsided. Noting historical behavior, Hunter Horsely, CEO of BitWise, said that BTC was performing much better than before versus the S&P 500 in particular.
“S&P is -7.6% today. Based on historical volatility, a -7.6% move in S&P is == to -41% in BTC,” he wrote on Twitter. “Yet in the last 24 hrs BTC is only -5%. And only -0.5% since midnight today. That’s uncorrelated.”
AngelList CEO Naval Ravikant meanwhile suggested that investors zoom out from recent price adjustments. “
At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a ‘risk on” trade,’ he responded to criticism of the cryptocurrency’s performance.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$BTCNice to see short term relief the past few hoursPrice couldn’t break above the daily open, and want to see it break this area before I feel good about any potential short term rally
I’ll take some profits at the resistance block above between $8030 and $8100 pic.twitter.com/UR6EXnR5Lt
— Josh Rager 📈 (@Josh_Rager) March 10, 2020
COVID-19 could lead to more people adopting crypto assets/#Bitcoin to reduce possible exposure to the virus
Crypto investors already knew fiat money was dirtyhttps://t.co/niME67UgJm
— Josh Rager 📈 (@Josh_Rager) March 9, 2020
At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a “risk on” trade.
But long term, Bitcoin is a hedge against central banks printing money, which is inevitable as a reaction to the virus.
— Naval (@naval) March 10, 2020
S&P is -7.6% today.Based on historical volatility, a -7.6% move in S&P is == to -41% in BTC.Yet in the last 24 hrs BTC is only -5%.And only -0.5% since midnight today.That’s uncorrelated.
Treasuries are up (GOVT +1%)! That’s a negative correl, which is a different thing. pic.twitter.com/F0oVlGp8m0
— Hunter Horsley (@HHorsley) March 9, 2020
$BTC 1M log scale update 📉Let’s once again take a look at our beloved log scale chart.As long we are closing the monthly above the trend line this is just another great buying opportunity.
Zoom out and look at the big picture!#bitcoin #trading pic.twitter.com/Rx7v6X7ZzV
— crypto bullet (@SilverBulletBTC) March 9, 2020