Category: Bitcoin Analysis

Bitcoin will have more time to shine later this year, Bernstein says

boss

Crypto dipped to begin May as investors bet that First Republic’s failure and subsequent takeover by JPMorgan Chase would bring an end to the regional banking crisis. However, the havoc in the banking sector that has been pushing bitcoin higher for the past two months is “nowhere near an end,” and bitcoin should stay resilient for many months to come, according to Bernstein analyst Gautam Chhugani. “Bitcoin and the crypto financial system were made exactly for times like today,” he said in a note Monday, highlighting the “breakdown of traditional…

This beaten-up bitcoin proxy should rebound 35%, Berenberg says

boss

Bitcoin is back in a bull market by many accounts and is poised to continue its 2023 rally as the rest of crypto comes under regulatory scrutiny. Equity investors interested in riding bitcoin’s current uptrend should consider buying shares of Microstrategy , the enterprise analytics firm and bitcoin proxy, according to Berenberg Capital Markets. The firm initiated coverage of the company Thursday with a buy rating and a $430 price target, which is more than 34% from where the stock closed that day. “We believe a combination of circumstances, evolution,…

Bitcoin volatility has eased, but crypto futures show rising optimism

boss

Bitcoin trading has returned to the stillness that characterized the market before U.S. banks went into crisis last month and became a major upside catalyst for crypto. Almost a week ago, bitcoin began a three-day descent below $30,000 after just a few days above the mark. It has been trading sideways ever since. Meanwhile, bitcoin and ether volatility have fallen to below early March levels, according to Kaiko. Even “implied volatility,” which uses options data to show the market’s forecast of a likely movement in an asset’s price, is moving…

Bitcoin’s chart has some eerie parallels to gold in the 1970s

boss

Many investors have dismissed the notion that bitcoin could be a type of digital gold since the cryptocurrency has been trading like a speculative risk asset for much of the past two years. But about 50 years ago, gold did the same thing, Morgan Stanley said in a recent note. If bitcoin’s current moves continue to follow those of gold in the 1970s, the cryptocurrency could be in for some tough times ahead. In 1971, individuals could no longer convert U.S. dollars to a specified amount of gold. Since 2008,…

Where bitcoin goes after hitting $30,000, according to chart analysts

boss

Bitcoin climbed above $30,000 Monday night for the first time since June – and sustained that level throughout trading on Tuesday. After overcoming several obstacles over the past three months, bitcoin ended March up more than 20% and advanced more than 70% over the course of the first quarter. It’s now up about 82% for 2023 and many investors consider crypto to be in or near the start of a new bull market (the previous one began in January 2021). This week’s price rally has added to the optimism around…

Mike Novogratz on what’s driving bitcoin’s run to $30k

boss

Retail investors and crypto enthusiasts are the drivers behind bitcoin’s recent surge to $30,000, and don’t be surprised if the asset notches new highs over the next two years, according to Galaxy Digital CEO Mike Novogratz. “It’s about bringing people into the tent,” he told CNBC’s ” Squawk Box ” on Tuesday. “As price goes up, every crypto owner is reaching out to his friends or colleagues and saying, ‘Hey, you got to get in on this.’ And so, the adoption cycle always accelerates when the price is going up…

Bernstein says if you like gold, you should like bitcoin even more

boss

It’s “irrational” to like gold and dislike bitcoin at this point in the macro cycle, according to Bernstein. While ether has been gaining strength relative to bitcoin ahead of the “Shanghai” upgrade this week , bitcoin has outperformed it and the major stock averages this year. Consider that bitcoin has gained about 75% year to date, according to CoinMetrics, while the S & P 500 has climbed 6.7% in 2023. At the same time, the flagship cryptocurrency’s correlation with gold has been climbing, while its correlation with stocks has declined,…

Quarterly Investment Guide 2Q 2023: Bitcoin outlook

boss

The case for a new crypto bull market has been slowly growing since the beginning of the year and gained more strength still in March. Bitcoin , still the clear leader of the crypto market, just finished its third month in a row of gains , ending up more than 20% in March. It also posted its best quarter (advancing more than 70%) since the first quarter of 2021, when the last bull run began. So far this year, crypto investors have overcome several obstacles – chief among them the…

Bitcoin’s market dominance is climbing. Here’s what that says about interest rate expectations

boss

Bitcoin’s market dominance has been climbing in March and is now up to levels not seen since June. A crypto asset’s “dominance” measures how much of it makes up the total cryptocurrency market cap. Investors use it to determine which parts of the crypto market are outperforming or underperforming relative to their peers. When bitcoin dominance climbs, it implies that bitcoin is doing well, but more specifically, it means its outperforming altcoins. Bitcoin dominance has risen steadily since March 8, the day after Silvergate Bank announced its voluntary liquidation. It’s…

Grayscale and the SEC are going to court over a bitcoin ETF

boss

The years-long push for an exchange traded fund that tracks bitcoin will finally get its day in court this week. Several different firms tried to bring a spot bitcoin ETF to market in the U.S. without success, but Grayscale Investments is taking it a step further for the future of its Grayscale Bitcoin Trust (GBTC) . After Grayscale’s proposal to convert the trust to an ETF was rejected last June, the firm sued the U.S. Securities and Exchange Commission in the D.C. Circuit Court of Appeals. Oral arguments are set to…