A top executive from digital asset manager CoinShares says one catalyst has the potential to trigger a bullish turnaround for Bitcoin (BTC) жана крипто рыноктору.
бир жаңы жылы интервью with Scott Melker, CoinShares’ head of research James Butterfill says the US dollar is likely overvalued, and that a shift in trend for the USD could spark a reversal in risk assets like Bitcoin.
Butterfill says if the Federal Reserve pivots from its hawkish stance, the dollar could finally weaken and trigger a bull run for the Bitcoin.
“I spent a long time looking at positioning in the dollar and the DXY [US Dollar Index]. We know… it’s very high. I think it’s mid-1980s high. There’s certain other valuation metrics you can look at. You can look at sentiment or CFTC [Commodity Futures Trading Commission] futures positioning and that is elevating, highlighting quite elevated long position for the dollar.
If you look at something called purchasing power parity [PPP], that’s the highest it’s been since 1985…
So we know the dollar is very overvalued. So when the Fed does pivot, the trade-weighted dollar could really flip quite quickly and quite sharply, and that would be quite supportive for something like Bitcoin.”
Butterfill says the price of Bitcoin probably doesn’t have much further to drop, making BTC’s current price tag a rare opportunity for bulls.
“I think now is an interesting entry position. Because I don’t think there’s a huge floor in prices. You might have to wait three to six months for a measurable price increase, but there aren’t that many opportunities that come along when Bitcoin is on sale like it is right now.”
As of writing, Bitcoin is changing hands at $19,204.67.
O
текшерүү Баа Action
Постту бизди Twitter, Facebook жана телеграмма
Surf Daily Hodl Mix
Disclaimer: The Daily Hodl айтылган пикирлер салым кеп эмес. Investors Биткойн, cryptocurrency же санариптик каражаттарды ар кандай жогорку тобокелдик салымдарды чыгарар алдында текшерүү керек. Сураныч, которуулар жана кесип ээлери өз коркунучу бар экенин эскертип турган жана эч бир сиз жооптуу болуп калышы мүмкүн жоготот. Daily Hodl кандай cryptocurrencies же санариптик каражаттарды сатып алуу же сатуу сунуш да Daily Hodl салым насаатчысы эмес. Ошол Сураныч Daily Hodl санаторийи маркетинг катышат.
Өзгөчөлөнгөн сүрөт: Shutterstock/Eugenia Porechenskaya
Source: https://dailyhodl.com/2022/10/19/coinshares-head-of-research-says-one-catalyst-could-spark-bullish-turnaround-for-bitcoin-btc/