An economist says ETH and BTC look bullish after the macro beating they received in 2021 but compared to their traditional market counterparts, they showed more resilience so let’s take a closer look at today’s Bitcoin news.
One top economist says ETH and BTC are quite bullish as this week we saw the stock market drop and precious metals seeing a sharp selloff with the macro environment remaining uneasy across the world. Somehow still, amidst a royal macro beating, ETH and BTC held up quite well. The economist Alex Kruger says the resiliency is bullish for BTC and ETH with the two assets have been in an uptrend for a full year now. BTC exploded from lows of $4000 to $58,000 per coin while ETH dropped to under $100 and increased to $2000 ever since. The 10x rise could be nowhere near the finish line and it held up so well that there could be a catalyst that sends the cryptocurrency higher through the resistance level.
The stock market is on thin ice with precious metals not being able to be updated or upgraded and also have limited use in the future as a store of value compared to crypto. The digital gold narrative was working as the gold selloff only shows how effective the narrative was. The crypto prices were holding up well while the gold dropped which could only send more capital flowing out of the metals and into the digital asset.
The profit-taking in the currency overheated the stock market and will eventually follow the money once the grass gets greener and the profits are consistent. If that place is the crypto market, the flood gates of capital could finally be coming out which will help BTC reach higher highs and tens of thousands of dollars per ETH as well. The technologies are only coming into their own as financial assets and investors started recognizing the shift from traditional assets to digital ones with the ones who were the most profitable just now. Will ETH and BTC continue holding up well or will they succumb to the macro beating remains to be seen.
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