Dan Held, director of business development at leading cryptocurrency exchange Kraken, says Bitcoin is poised for a “super cycle.”
In a tweet to his 32,000 followers on Twitter, Held points to central bankers who are relying on inflationary monetary policies to prop up the global economy.
“Bitcoin is perfectly positioned for a super cycle. Central Banks are printing more than ever. Global debt as a percentage of GDP is the highest it’s been in recorded history (peacetime). Structural risks in the financial system haven’t been resolved.”
Fundstrat Global Advisors co-founder Thomas Lee agrees. According to Lee, the next Bitcoin bull market will follow the S&P 500 surge.
“Bitcoin consolidating not a bad thing…and it’s stuck time until S&P 500 ends this ‘trendless macro’ period.”
The S&P 500 posted a record high on Monday as investors expect the Federal Reserve to lower interest rates by 25 basis points, potentially marking the third set of rate cuts this year.
A lot of ‘signal’ past few days in crypto and #bitcoin
– China (friendly policy)
– New ATH S&P 500 (positive)
– Bitcoin Misery Index bottomed 10/24 at 36 and rebounding (positive)
– Massive price gain on $BTC friday (signal)
Interim ‘risk-off’ ended, and bull market resumes.
— Thomas Lee (@fundstrat) October 28, 2019
In the run-up to the S&P 500’s new all-time high at 3,039.42, crypto analyst Alex Kruger points to a bullish cycle for Bitcoin.
“Following one of the largest BTC upmoves in history (42%), larger than anything we saw during the 2017 bubble, the trade is UP. Continuation.”
— Thomas Lee (@fundstrat) October 29, 2019
Bitcoin continues to be a volatile asset with crypto analysts urging enthusiasts only to invest what they can afford to lose and warning they could lose their entire investment.
BTC is currently down .30% at $9,343, at time of writing, after reaching a high of nearly $10,000 and bottoming at $7,503 over the past seven days.