Top Macro Investor Expects Bitcoin-S&P 500 Correlation to Break Down

2020-10-24 13:00

Bitcoin has pushed seriously higher over the past few days despite some mixed performance in the S&P 500. The leading cryptocurrency is up around $2,000 over the past seven days, having rallied as high as $13,250 after bottoming at $11,200 last Thursday.

Prominent macro analyst Raoul Pal expects that BTC will continue to outperform other macro markets in the future.

Bitcoin to Decouple from S&P 500, Dollar: Prominent Macro Analyst

Pal recently went as far as to say that he thinks that Bitcoin will seriously decouple from the stock market and the U.S. dollar.

This comment comes after Bitcoin has had varying degrees of correlation with these two markets over the past few months. For instance, when the U.S. dollar spiked massively by 10-15% in March, BTC plunged by over 50% in the span of 24 hours.

On how he expects the correlation to play out, Pal wrote:

“Gold is breaking down versus bitcoin, as expected cc: @michael_saylor. Everyone take note. The next thing I’m expecting is the correlations between BTC and the dollar and BTC vs equities to break down too… let’s see.”

Gold is breaking down versus bitcoin, as expected cc: @michael_saylor Everyone take note. The next thing I'm expecting is the correlations between BTC and the dollar and BTC vs equities to break down too… let's see. #Bitcoin pic.twitter.com/RoPUSFbmvZ

— Raoul Pal (@RaoulGMI) October 22, 2020

Bitcoin breaking higher while the U.S. dollar isn’t dropping but actually gaining slightly is a good start. But when the full decoupling will take place remains to be seen.

What Will Drive BTC Away From the S&P 500?

Pal is a former head of hedge fund sales at Goldman Sachs, a hedge fund manager, and the current CEO of Real Vision. His voice carries a lot of weight in the world of macroeconomic analysis.

He recently said that he thinks that the growing institutional interest will allow the coin to break seriously higher in the years ahead. Speaking in an interview with Stansberry Research, Pal commented:

“Just from what I know from all of the institutions, all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money — just the pipes aren’t there to allow people to do it yet, and that’s coming. But it’s on everybody’s radar, and there’s a lot of smart people working on it.”

Pal has said in the past that he thinks Bitcoin may be the best investment of the current macro environment, so much so that he said all other assets may be “inferior.”

The investor is putting his money where his mouth is: he said that he has over 50% of his net worth in Bitcoin right now, along with some exposure to Ethereum.

Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Top Macro Investor Expects Bitcoin-S&P 500 Correlation to Break Down

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0025163 (-100%)

past days 500 thursday seven around cryptocurrency

past days → Результатов: 126


Bitcoin has all 5 technical and fundamental elements for a proper full-blown rally

The Bitcoin price is up 45 percent in the past month and a half. Historically, such an extended rally warrants a pullback. But, BTC now has all five elements for an extended upside movement. Two key technical elements: lower time frame sell absorption, higher time frame bullish structure Throughout the past 43 days, the Bitcoin […] The post Bitcoin has all 5 technical and fundamental elements for a proper full-blown rally appeared first on CryptoSlate.

2020-1-30 11:04


Bitcoin Rallied 230% Last Time This Signal Flashed, And It’s Back Again

While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market. Related Reading: Watch Out, This New Bitcoin Scam Is All Over Youtube Massive Bitcoin Bull Sign About to Flash Prominent cryptocurrency trader MoeMentum... The post appeared first on NewsBTC.

2020-1-27 14:00


Ethereum Could Be Weeks Away From a 400% Parabolic Rally; Levels to Watch

Ethereum has been closely tracking Bitcoin and the aggregated crypto markets over the past several days, which means that ETH’s multi-day price action has primarily favored sellers. In spite of this, ETH is still trading up significantly over a weekly period, and the cryptocurrency has been able to build some short-term momentum today, allowing it... The post appeared first on NewsBTC.

2020-1-22 00:00


Bitcoin Just Surged to $9,100: Here’s Why Analysts Expect Price to Explode Further

Over the past two hours, Bitcoin (BTC) has started to break out of a consolidation pattern that has trapped the price of the cryptocurrency in the high-$8,000s for some two days. In fact, just minutes ago as of the time of writing this article, the leading crypto asset tapped $9,120, surging higher as the weekly... The post appeared first on NewsBTC.

2020-1-19 04:10


Why Has Bitcoin SV (BSV) Plunged By 40% From Its $450 Peak?

Aside from Bitcoin, there’s almost no other crypto asset that has been talked about as much as the Satoshi Vision fork (BSV) over the past week. The past seven days for the now-fifth largest cryptocurrency by market capitalization have been rather tumultuous, with the cryptocurrency starting the week off flat to explode higher from just... The post appeared first on NewsBTC.

2020-1-18 09:00