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Bitcoin Skyrockets to $5,106, Lifting XRP, Ethereum, Litecoin and Crypto Alts – Hedge Fund Founder Says ‘Perfect Storm’ Is Rising

by Daily Hodl Staff
April 2, 2019
in Trading

After hovering just above $4,000 for days, Bitcoin is suddenly surging. BTC reached a high of $5,106 on Bitfinex – a new all-time high for 2019.

The sudden volatility within the past 14 hours matched Bitcoin’s tight trading range over the last three months, when BTC swung between $3,217 and $4,000.

The overhead view from Coin360 shows BTC is now trading around $4,692 at time of writing, up 14.19%. Ethereum is trading at $150.83, up 6.06%. XRP is trading at $0.3323, up 6.77%. Litecoin is trading at $67.42, up 11.17%.

Source: Coin360

Trading volume has also skyrocketed for the world’s largest cryptocurrency, up 125% from $289.5 to $655.2 million on the Real 10 Volumes index over the past six days.

Founding partner of crypto hedge fund Tetras Capital, Brendan Bernstein, says he believes a perfect storm is brewing for Bitcoin and cryptocurrency.

Bernstein is outlining his top seven reasons why he’s never been more bullish on BTC, including ongoing quantitative easing, baby boomers retiring, the upcoming US election and the Bitcoin halving set to happen in May of 2020.

Theres a perfect storm for BTC right now

– Democratic socialism
– MMT (Modern monopoly money theory)
– QE infinity
– 10k boomers retiring daily (entitlements skyrocketing)
– 2020 election
– US interest expense > tax receipts by 2022
– BTC halving in 2020

Never been more bullish

— Brendan Bernstein (@BMBernstein) March 29, 2019

In response to Bernstein’s tweet, Fundstrat co-founder and head of research Tom Lee chimed in, posting an image of “positive convergences” for Bitcoin in 2019.

According to Lee,

“[There are] definitely a number of macro factors acting as tailwinds for BTC. Several of which were headwinds in 2018.”

More Positive Than Negative Convergences in 2019
Source: Fundstrat, Bloomberg, Coinmarketcap, BitMEX
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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