top of page
  • Writer's pictureJamal Saafir

Bitcoin Being Considered A “Safe Haven” By “Smart Money”

Updated: Oct 19, 2023


According to a report from Coindesk, investment research firm ByteTree shifted its BTC (Bitcoin) market signal from neutral to bull in a recent report. Bitcoin’s recent price action has surpassed a rough patch for traditional financial markets, providing a safe haven from a disorderly retreat in equity and bond trading.


“Bitcoin futures look good, especially when you compare them to the crisis in the bond market,” Charlie Morris, chief investment officer of ByteTree, said in the report. “It is the true safe haven from Uncle Sam’s bonds.”



He highlighted that Bitcoin is beating the United States stock market at a moment when increasing bond yields devastate traditional markets.



When interest rates peak and the bond sell-off ends, BTC will be “off to the races,” he said.





Morris noted that during Bitcoin’s latest price correction, it held above the key $25,000 level, which capped the price between May 2022 and March 2023. “If we can hold that $25,000 level, which we probably will, BTC is very much in a bull market, albeit a quiet one,” he said.



Even if BTC is shaking off rising yields, it has remained “trapped in its $26,000 to $30,000 cage,” according to Edward Moya, senior market analyst of the Americas at forex trading firm Oanda.


“What is also preventing crypto investors from becoming more optimistic is that the bond market sell-off refuses to end and that will cripple many crypto startups,” he added.

1 view0 comments

Comments


bottom of page