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.
Says Held,
“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.”
Pay attention to @krugermacro 👇 https://t.co/UZFRggUCeh
— 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.
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