Bloomberg Analyst: Bitcoin’s Link With Nasdaq Being Broken Favors Continuation

2020 11 11 08.12.51

Bitcoin has given a powerful buy signal that demanded the financial world begin paying closer attention to cryptocurrencies. The recent momentum has also caused the top crypto asset to “decouple” from the stock market. Thus far, it has been primarily crypto analysts shouting about the coming decoupling, but now even Bloomberg Intelligence senior commodity strategist Mike McGlone says that the divergence away from the Nasdaq 100 is the “underpinnings for further appreciation.” Here are the fundamental and technical reasons the top market analyst believes that Bitcoin is ready to beat tech stocks in performance for an extended period, now that the “link” since 2017 has been broken. Bitcoin Diverges Away From Tech Stocks, Bloomberg Analyst Expects Extended Overperformence in BTC Tech stock valuations have reached astronomical figures, even while the economy falls into a depression. Apple, Amazon, Microsoft, Google, Tesla, and several other heavy hitters, are undeniably overvalued, and the…

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