The most impressive behavior the past few weeks has to be in Bitcoin.
You can also see the performance of things like RIOT, COIN and other Bitcoin related stocks.
The bullish action transcends the asset class.
Take a look at the recent bid in Bitcoin as it bounces off its prior cycles highs from 2017:
We’ve mentioned how well Gold has done in this environment, and it continues to be impressive as well.
But Gold is having a really hard time keeping up with Bitcoin.
Look at a ratio of Gold prices vs Bitcoin breaking down and completing this top.
As long as the ratio is below the Q3 lows from last year, then the trend here is down, in favor of Bitcoin.
The bounce off its late 2017 highs was step 1 for a new major uptrend.
Outperforming its alternatives is a very good step 2.
Now, it’s getting through 30,000 that will be the next big test.
The ability for Bitcoin to hold above 30,000 will be its biggest challenge yet.
I don’t think it will be that easy. But who knows, maybe it will.
We’ll be monitoring closely.
But I will say this. If/when Bitcoin can hold above 30,000, then I think a run to new all-time highs and toward 100,000 is next.
I don’t normally call for triples in stocks or any other asset, for that matter.
But we need to know the asset we’re discribing here.
This would all be perfectly consistent with historical norms.
We’ll discuss the different stocks and ways to profit from these trends tonight on our LIVE Video Conference Call.
We’ll get going @ 6PM ET.
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See you there.