Bitcoin’s (BTC) price momentum recently pushed the asset to almost $42,000 per coin. It has more than doubled in price over the past two months, breaking the previous record highs that it set back in 2017. Podcaster Nathaniel Whittemore recently gave his opinion on methods of spotting a macro bull market top for the digital currency.
“There isn’t really a macro top, in the sense that the conditions align so well with the narrative,” Whittemore, host of a podcast called The Breakdown, told Cointelegraph. He added:
“If we see another big round of aggressive fiscal action under the Dems, and after a few months velocity of money is still low and inflation is constrained, you could see a shift back among certain money managers and institutions to the idea that inflation just isn’t something to be worried about, which could hurt some of the animating thesis.”
Following a price bottom in March, Bitcoin rebounded faster than the United States stock market, which suffered similar decline. After completing its third-ever halving event in May, the asset trended sideways at times throughout the summer, but its overall macro trend carried an upward lean. BTC’s price momentum increased in 2020’s latter months, in line with a number of large companies allocatingTitle: When is Bitcoin’s macro top? Industry player speculates
Sourced From: cointelegraph.com/news/when-is-bitcoin-s-macro-top-industry-player-speculates
Published Date: Fri, 08 Jan 2021 22:21:32 +0000