Bloomberg cryptocurrency analyst Jamie Coutts claims that Bitcoin (BTC) is signaling an unexpected rise as US long-term bonds continue to collapse. Coutts noted on social media platform X that Bloomberg’s trend model is giving a sudden rise signal despite the deterioration in the macro landscape.
Bank of America Statements
Last week, the yields of 30-year Treasury bonds rose above 5% for the first time since 2007. According to Bank of America, US long-term bonds are in the biggest bear market of all time.
However, Jamie Coutts stated that the leading cryptocurrency is only one resistance away from triggering a new bull cycle by defying macro conditions. The expert said in his statement:
“Isn’t this interesting… Bitcoin’s trend model is giving a rise signal at a time when US Treasuries create a crater. For technical analysis enthusiasts, we know trend models are great as long as we are not within the sideways trading range we have been in since the second quarter. So for now, this signal is noise. However, the $31,000 resistance continues to be a very clear threshold that will ignite a bull cycle when broken.”
“Influx to BTC Will Begin!”
Jamie Coutts recently stated that Bitcoin outperformed bonds against the depreciation of the US dollar and predicts that more investors will shift capital from bond portfolios to BTC in the future. The senior analyst said the following about the matter:
“And if allocators want to protect against monetary debasement, bonds are often not the place to go in most time periods. You get the same results if you put any money total in place of the denominator. I’m using US M2 here.”
Source: coin-turk.com
