In just two trading days Bitcoin had corrected almost 30% to both confirm and reiterate MM’s view that 2021 will be a year characterised by elevated volatility, the subsequent 20% bounce this week looks bullish and maintains the escalated volatile environment. Most importantly the rally this week demonstrates why MM remains far more comfortable buying risk assets into pullbacks as opposed to picking tops as the Fed et al push investors up the risk curve with their zero-interest rate policy.
Here’s a brave and hopefully not stupid call considering the last week – MM believes Bitcoin is likely to rotate between 30,000 and 45,000 in the following months, another net bullish read through for stocks.
MM remains bullish Bitcoin.
– MM remains bullish Bitcoin.
