Bitcoin has seen some intense parabolic cycles in the time since its genesis, and Tesla stock's recent rally has shown some striking similarities to that of BTC's previous movements - but there is one key difference.
This difference has led one top analyst to note that TSLA's recent rally could provide insight into where Bitcoin is going next.
Because of this, it does appear that the key factors that catalyzed TSLA's massive rally over the past couple of months could also allow Bitcoin to see some sustainable momentum, and it could mean that BTC's next parabolic movement won't be fleeting.
Fundstrat's Tom Lee: Tesla's price action to provide insight into next Bitcoin rally.
As reported by Decrypt's Tim Copeland, the Fundstrat co-founder recently spoke at CoinGeek Conference 2020, in which he offered insights into what Tesla's stock price rally could mean for Bitcoin.
While speaking at the event, the outspoken Bitcoin perma-bull explained that it is first important for investors to recognize that Bitcoin and the aggregated crypto markets barely account for a fraction of the traditional liquid asset markets.
He then went on to note that Bitcoin will see an unprecedented price rise once its market cycles shift away from being driven by retail investors, and towards being driven by "Retail FOMO.".
While looking at Tesla's parabolic price action, an interesting trend emerges: its massive gains have not been followed by any sustained retrace.
This parabolic price action is far different than that seen by Bitcoin during previous parabolic rallies, where the crypto sets unprecedented all-time highs over the course of a few days before seeing a massive and sharp retrace that sparks a multi-year bear market.
Because Tesla's uptrend has been driven primarily by institutional FOMO rather than retail FOMO, it could suggest that once institutions enter Bitcoin, it will see an intense uptrend that is not followed by any sharp retrace.
According to this analyst, the catalyst behind Tesla's rally may also fuel a massive Bitcoin uptrend
gepubliceerd op Feb 21, 2020
by Cryptoslate | gepubliceerd op Coinage
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