On the idea that the 2 leading cryptos will not break their previous highs in the 2017/2018 bull market.
I figured it would be late summer early fall before these bad boys got back to those kinds of prices. Looks like inflation data is going to hurry them along.
Zoom out. 2018 high shown. $1422.86 with Slope data. (red line)
Looks to me like we are going to test the 'old high' hypothesis pretty quick. Maybe even today, lol...
I am in line with Mish and our Benevolent Leader Tim here on Slope, these things are going to go lower than anybody thinks is possible. In the end I regard this as a good thing. Crypto needs a trial by fire to have its arguments tested in reality.
So when will Bitcoin rally?
Forget about price targets in USD. Bitcoin is global money, so it should be examined in relation to its chief competitor--the OTHER form of global money--gold.
Simply put: Opportunities for Bitcoin to rally are to be found when the Bitcoin-to-Gold ratio drops to 10, 5 and 2.5.