On October 29th, Bitcoin price surged from $12,920 to $13,600 in 4- hours after the European Central Bank (ECB) claimed it might seek a new stimulus package in December. Also BTC enjoyed a bullish rally after companies like MicroStrategy to Square added it to their corporate treasuries.
At present, another bullish statement by the former Goldman Sachs hedge fund manager is Buzzing in the Crypto- Ecosystem.
In a recent interview founder of founder and chief executive of Global Macro Investor claimed that :
“I’d be surprised that if within five years Apple AAPL +3.7%, Microsoft MSFT +1%, and others don’t have cash in bitcoin,” “The genie is out of the bottle,” Pal told viewers his YouTube viewers. “Nothing is a reserve asset like bitcoin.”
Previously Pal predicted the bitcoin price will soon go to $1 million. He thinks that some of the world’s biggest companies are gearing up to add bitcoin to their balance sheets—naming technology giants Apple and Microsoft as two possibilities.
Well, let’s wait and watch when will these companies step into crypto !
BTC Showing Initial Signs of Decoupling from the Stock Market
A well-known on-chain analyst, Willy Woo tweeted that Bitcoin and the stock market are now showing their first signs of macro de-coupling behavior.
Despite Bitcoin’s recent uptrend’s strength, it is finally breaking its correlation with the stock market. Although yesterday was a somewhat rough day for Bitcoin, it quickly shook off the weakness created by the recent turbulence within the stock market and has since been rally higher.
However, this behaviour is being driven by one group of investors in particular, as he notes that new retail entrants into the market have been backing this recent uptrend.
The institutions and corporations buying Bitcoin, as well as retail investors, signals that serious upside could be imminent in the near-term.
Since Oct. 12, while U.S. stock market indices declined by 5% to 6%, Bitcoin rallied by nearly 16%. In the last 18 days, BTC rose from $11,167 to $13,290, massively outperforming gold, stocks and the U.S. dollar.
But the convergence of Bitcoin facing a multiyear resistance level at $14,000 and the lack of certainty could slow BTC’s momentum.
Bitcoin Price Analysis
From the daily chart, the BTC price continues to maintain a bullish trajectory above August 2020 highs. As long as prices are trading above $12,500, every pullback provides another ramping opportunity for aggressive traders.
At present, BTC is trading at $13,220.37 with 0.39% gains.
However, for the risk-averse, a strong close above $14,000 complete with high trading volumes preferably exceeding the break-out volumes of Oct 21 (Coinbase date) may see the BTC price glide towards $20,000 and register a new 15-month and 2020 high.
Conversely, steep and equally high volume losses below $12,500 could see the BTC price glide back to $11,200 and even $10,000.