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This has been going on for weeks now as the price continues to skyrocket. Well, today we’re adding two new ones to THE LIST (of reasons to be optimistic about bitcoin).
The first, with $ 631 billion under management, is Alliance Bernstein, whose letter to investors included five words not often heard in the financial industry. …
Number two is actually the largest fund manager in the world right now, Larry Fink, CEO of BlackRock, a major benefactor of 10 years of quantitative easing, with $ 7.4 trillion under management. …
Now, on a scale of one to lambo-moon, this last comment is certainly missing. Those of Fink’s Chief Investment Officer last week, however, look a little more optimistic. …
Embarrassed dollar
As for traditional markets, I feel like I have serious Deja Vu, as Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell are once again on Capital Hill begging Congress for some cash, and lawmakers refuse to give it.
Markets have already priced in a huge potential stimulus bill multiple times over the past few months, but it just won’t come.
It’s embarrassing and the US dollar feels it. Here we can see the dollar currency index over the past month and the many times it has tried to pump only to be kicked back from the market. Check out that itty bitty one today.
Unlike yesterday, however, we can see that the new lows printed by the dollar are driving up commodity prices.
Equities appear to want to drive the rally further, but they certainly have the right to take a break after the crazy November.
There is no doubt that there is still a lot of money in the system that needs to find a home, and an endless sea of talking heads ready and willing to enthusiastically exclaim their particular bullish thesis.
Double up
For those of you who have read over the past month, you may remember a particular pattern we were tracking just before bitcoin broke the $ 14,000 mark.
The pattern resulted in an extremely rare upward break of an upward facing channel, despite a coincident psychological barrier.
Well, it looks like we have a very similar setup right now, as we approach the all-time high and psychological barrier of $ 20,000, only this time around the channel is much steeper.
Now, the natural thing for the market to do would be to pull back and test the lows again before making another pass on the red line, but then again, we’re not really in a normal market right now.
As I had the honor of pointing out to Peter Brandt and Tone Vays yesterday at a live Cointelegraph show, the question isn’t really when we break $ 20,000 as much as how they will break.
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