BitcoinShort
BTC v the S&P 500: Will Bitcoin crash, in relative terms?
This chart shows bitcoin in USD versus the front-month continuous contract of the S&P 500 futures. As you can see, price is in a large, ascending wedge. A break to the downside is typical in such patterns. The green line marks where the fall might stop, approximately 70% lower that today. This would occur through a coinciding bull market in US large caps and decline in bitcoin over the next several years. However, if Bitcoin breaks the wrong way out of the wedge (to the upside), the rally will be quick and violent.
Verdict: long SPX, short BTC is my verdict, though there will doubtless be juicy crypto bear-market rallies, and you could have serious crypto FOMO if the breakout occurs to the upside.
Verdict: long SPX, short BTC is my verdict, though there will doubtless be juicy crypto bear-market rallies, and you could have serious crypto FOMO if the breakout occurs to the upside.
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