Similar Market Pattern With Bitcoin When It Bottomed Out When It Was Trading Below $5k

Under a macroeconomic condition bitcoin is forming the same bottom as at 2018 says senior macro strategist of Bloomberg, the recent rally which has seen the king crypto move up a bit to be trading at $20k or a bit above it is in the same range of bitcoin as at $5k formation level back then in 2018.

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He has this to say;

“We’re still pulling liquidity from the market on a global basis – an historical, unprecedented basis – for good reasons. And if equities go higher, if risk assets go higher, this liquidity is more likely to remain constrained from central banks.

So what I’m showing you is a chart, we see this potential island bottom developing around $20,000, the same way it did around $5,000 back in 2018. The big difference is what I show you in white is the federal fund futures. Back then the Fed already started easing and we held the bottom and broke out higher and then we had that issue in 2019.”

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