Jean Baptiste Pavageau, partner at quant trading firm ExoAlpha, says bitcoin’s recovery after gyrating $450 on Fed chair Jerome Powell’s comments Thursday continues a larger bullish cycle started earlier in the summer.
“After it’s recent fake breakout above the $12,000 resistance level, bitcoin saw a short-term trend reversal in its broader bullish trend started in June,” said Pavageau. “On the long-term the Fed’s comments are very positive for bitcoin and the crypto markets as a safe heaven because of their limited supply.”
For 2020, bitcoin is up 60% while gold is up almost 30%. Investors often refer to both safe haven assets.
“After it’s recent fake breakout above the $12,000 resistance level, bitcoin saw a short-term trend reversal in its broader bullish trend started in June,” said Pavageau. “On the long-term the Fed’s comments are very positive for bitcoin and the crypto markets as a safe heaven because of their limited supply.”
For 2020, bitcoin is up 60% while gold is up almost 30%. Investors often refer to both safe haven assets.
