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Home Cryptocurrency news Bitcoin

Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3min read
bitcoin uptrend economist raoul pal

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Bitcoin price is on fire again, after spending three full months trading sideways. After busting through resistance at $10,000 and out of its downtrend, the asset quickly rocketed to over $12,000.

Still, one economist says that this is just the “super early days” of Bitcoin’s next uptrend. And the monthly crypto chart shows that this rally has a long way left to go.

The Early Days of Bitcoin’s Bull Market Are Here, According To Raoul Pal

Is Bitcoin’s bull market finally here? That’s what investors, traders, and analysts are scrambling to figure out.

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The first-ever cryptocurrency is currently experiencing a perfect storm for its rise back to mainstream stardom. The bear market came to its roaring conclusion on Black Thursday, and the higher low on long-term timeframes confirmed a new uptrend is here.

Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History

Bitcoin’s halving is now in the past, and any post-halving selloff would have taken place by now. Stock-to-flow models based on the asset’s digital scarcity claim the asset is wildly undervalued.

This is something that economist and global macro investor Raoul Pal thinks that institutional investors will soon come to realize, just as retail investors have in the past.

bitcoin price chart gold

According to Pal, the Bitcoin monthly price chart only just recently broke through resistance, and that the recent uptrend is still “super, super early days” for the cryptocurrency’s next uptrend.

Pal says it’s only just the beginning, and Bitcoin’s next climb has a long way to go in terms of “time and price.”

Institutions, Digital Gold Narrative To Drive Long-Term Valuations

Part of that perfect storm for Bitcoin is the dollar’s continued decline and stimulus packages pumping money supply into the global economy. The further the dollar inflates, the more relative value it imparts into the asset due to its limited, 21 million BTC supply.

The same sort of economic environment has been a major boost for gold, recently setting a new all-time high. Bitcoin is often considered digital gold, due to the cryptocurrency sharing several key similarities with the precious metal and safe haven asset.

bitcoin price chart gold

But even Bitcoin is breaking out against gold, according to Pal. Or at least it is about to. Gold is experiencing its first major pullback since breaking its record, just as Bitcoin pushes through its strongest resistance yet.

The breakout could be a sign of another new trend forming: gold bugs moving their holdings or profits into Bitcoin.

Gold investors in Hong Kong have begun moving their gold offshore due to growing security concerns. Bitcoin without a physical counterpart makes it a better and more secure store of value.

Related Reading | Ethereum Beats Bitcoin, Gold, and Stocks In Stimulus Check Investment

It is for all of these key reasons and more, why institutions will soon wise up as Pal says, and realize Bitcoin’s enormous potential. And as soon as they do, capital will become pouring into the asset’s market cap like never before.

If Bitcoin can capture even a small portion of gold’s market cap, the asset will begin its uptrend towards some of the astronomical long term price predictions that many expect.

Tags: bitcoinbtcbtcusdBTCUSDTbtcxaucryptogoldRaoul Palxaubtcxauusdxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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