Something that is incredibly important to understand. While everyone continues to try to bet against the market on every pull back. While they scream recessions and bear markets are coming. When something like #Bitcoin is moving higher, we wont see it. The most risk on asset… pic.twitter.com/tGAOFMiSBq
— Against All Odds Research (@JasonP138) February 20, 2024
🏆 Today’s Chart of the Day was shared by Jason Perz (@JasonP138).
- Bitcoin is currently trading at a two-year high of around $52k. It’s still down -23% from its peak, but there’s virtually no resistance preventing it from testing record highs.
- Jason points out that Bitcoin has been a solid leading indicator in recent years. It’s one of the most speculative assets out there, so its performance can tell us a lot about risk appetite and the broader market environment.
- This was especially true last year when it wasn’t as clear that we were in a new bull market. While many smart people warned of a recession, this speculative internet token steadily chugged higher, suggesting the economy was fine.
- The takeaway: Bitcoin could realistically test record highs in the coming weeks after clearing every major resistance level recently. It has been a solid leading indicator and continues to scream “risk-on.”