Crypto Strategy: Bitcoin $100k target intact; corporate buyers offer surprise catalyst; Ethereum growing into our $10k target; crypto market on pace to hit $5T
In this week’s crypto strategy note we discuss:
- Bitcoin rebounding from a healthy cooling off period last week as the macro backdrop remains accommodative & bull market remains intact
- Even if Facebook didn’t buy Bitcoin, corporates are coming, and it may not be reflected in earnings announcements yet
- Remaining overweight Ethereum and maintaining a price target of $10.5k as ETH reaches new highs and continues to outperform BTC
- Continue to see more upside in higher beta altcoins vs. Bitcoin as crypto markets are on pace to hit $5T
Bitcoin rebounding from a healthy cooling off period last week as the macro backdrop remains accommodative & bull market remains intact
Bitcoin and crypto markets have been rebounding this week after the prior week’s sell off. A combination of de-leveraging, Bitcoin falling below its 50-day, notable Wall Street firms forecasted a major correction to $20-30k sparking retail fear and the Biden tax plan were all events that took us lower last week.
But market have stabilized and bounced since then.
As we mentioned in our note two weeks ago, we thought a “crypto market cooling off would be healthy”. We’ve seen the price of Bitcoin retrace a little over ~25%, which would qualify as a major correction for traditional markets but...Reports you may have missed
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