In recent interviews we had with with Steven McClurg and Mark Yusko, both advocated the long term use for Bitcoin and expressed concerns over the short term price action.
On 27 April we highlighted $9,300 as a key point of resistance for Bitcoin.
This coincided with a downward trend-line; yet more concerning in the short term price action is that Bitcoin is correlated to, and even a leading indicator, of risk assets such as indices.
We highlighted open gaps in the NDX, Russell 2000 and VIX, our hypothesis was that a run to fill these gaps could coincide with Bitcoin’s run to $9,300.
Our core belief is that Bitcoin remains the most secure currency and store of value ever created. Yet it doesn’t matter what we believe, only how the market behaves. But we intend to continue educating people about it.