Bitcoin extended its 2024 pullback to 27% last week, although it did bounce strongly from the lows – crypto remains a volatile asset class. At MM, we don’t trade/invest in cryptos, but it can provide an excellent read on excess liquidity, i.e. if people can punt on cryptos, they can buy stocks. If we were trading Bitcoin, we would buy dips, but it’s not for the fainthearted.
- Bitcoin spiked lower before bouncing strongly last week; the risk/reward looks good at ~$US57,000.
MM is cautiously bullish towards Bitcoin short-term
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