Bitcoin, BTC, BTCUSD Price Analysis:
- The Bitcoin[1] ramp has continued and BTC[2] is now up by more than 150% from the March lows.
- Bitcoin mania in 2017 led to heartbreak for Bitcoin bulls in 2018, as the cryptocurrency gave back 84% of its value following the astronomical gains from the year before.
- The big question now whether this recent round of monetary stimulus, combined with what additional stimulus might be on the horizon – are the game-changing drivers that Bitcoin bulls have been waiting for. Famed investor and Hedge Fund owner/manager/trader Paul Tudor Jones has come out in support of Bitcoin in a note earlier today.
- The Bitcoin halving is expected to take place next Wednesday[3], and that was discussed in more depth by my colleague Nick Cawley earlier this morning.
Bitcoin Breaks Out
One of the reports making the rounds through markets today is news that famed Hedge Fund Manager and Trader Paul Tudor Jones has openly embraced cryptocurrencies in a note titled ‘The Great Monetary Inflation.’[4] As mentioned in the linked Bloomberg article, this would mark one of the biggest and most well-known investors to publicly support Bitcoin, as he drew parallels to Gold[5] in the 1970’s.
Paul Tudor Jones has become a market icon, particularly on macro matters, after being credited with forecasting the 1987 S&L crash; and since then he’s been widely followed for his market commentary, often looking at or into cross-market relationships and how he and his fund and investors might benefit from them.
Regarding Bitcoin – there’s somewhat of a burgeoning theme in the backdrop at the moment as the cryptocurrency is up more than 150% from the March lows. After touching below
