Bitcoin Remains a Great Macro Trade: Wall Street Vet
Raoul Pal, CEO of Real Vision, thinks Bitcoin and gold remain in a good spot from a macro perspective despite recent weakness:
Devaluing fiat currencies will benefit both Bitcoin and gold, which both are scarce relative to other asset classes.
For the time being, gold’s growth in market supply is lower than that of Bitcoin. But according to Pal, the leading cryptocurrency could outperform the precious metal this market cycle.
Any Near-Term Threats?
Short-term risks to Bitcoin, though, are still present.
An analyst recently shared the chart below. It shows that the Tom Demark Sequential printed a “sell 9” candle on the S&P 500’s two-week chart. This is the first instance of this signal since the start of the year, just a month prior to the March capitulation.
Bitcoin stands to correct if stocks do due to the correlation that has formed in macro markets as of late.
Chart of the S&P 500's price action over the past few years with a moving average and Tom Demark Sequential analysis by Bitcoin trader "Crypt0mer" on Twitter. Chart from TradingView.com
Photo by Giuseppe Famiani on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin "Kills" Gold on a Risk Adjusted Basis: Macro Analyst
Originally from Bitcoinist.com https://ift.tt/2DaHG50
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