Bitcoin bounced strongly after a foray below $US60,000 last week. Our “best guess” is that we’ve seen an important swing low and that the crypto will test/make fresh all-time highs over the coming months, implying ongoing demand for “risk assets”.
- Bitcoin is consolidating its recent explosive gains. Back around $ US60,000, the risk/reward ratio looks attractive for bullish traders.
NB For new subscribers, MM doesn’t trade or invest in cryptocurrencies, but we do use them to indicate the market’s “free liquidity” for speculative assets.
MM is now cautiously bullish towards cryptocurrencies short-term
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