Bitcoin could be seeing a massive rally sooner rather than later. Check out the latest reports about this below.
Bitcoin to see a rally soon
According to an investor who accurately predicted the 2022 crypto low, the markets may be preparing to follow the bullish trend of the stock market.
Chris Burniske, a partner at venture capital firm Placeholder, shares with his 261,600 Twitter followers that cryptocurrency tends to rise when the Nasdaq 100 index (NDX) takes a break.
He references data from Glassnode founders Jan Happel and Yann Allemann, who have observed that Bitcoin (BTC) has experienced significant rallies numerous times after the NDX has cooled off since 2019.
Burniske said the following:
“An interesting observation that crypto often runs after NDX stalls – rotation into higher risk.”
In May 2019, Happel and Allemann observed that Bitcoin surpassed the NDX when the index showed signs of bullish exhaustion.
They noted a similar trend in 2020 when Bitcoin outpaced the NDX after the index stalled.
The co-founders of Glassnode predict that Bitcoin is likely to outperform the NDX once more as the index appears to be approaching a local peak.
“Where do we stand now?
NDX is at April 2022 levels (445 days to get here) and BTC decoupled… History says we’re close to Bitcoin exploding and outperforming.
Cool off in equities –> capital rotates into riskier plays –> BTC off to the races.”
Bitcoin in the news
In a recent interview with YouTuber Tom Bilyeu, the CEO of Real Vision suggested that Satoshi, the anonymous creator of Bitcoin, could potentially be the US and UK governments.
Pal believes that BTC’s pseudonymous founder may have been a collective of government employees from the US National Security Agency (NSA) and the UK’s Government Communications Headquarters (GCHQ), who were assigned to experiment with possible solutions to anticipate future threats to the West’s international monetary supremacy.
