Eyes on BTC
edging lower and being supported by renewed demand interest. Losses are marginal as we creep into the 6,000 handle with expiries later in the month. Expecting BTC
and other major Cryptos to ebb gently higher as we await the macroeconomic backdrop to eventually feeding through into Cryptocurrency strength; given the punitive carry, the bar for maintaining BTC
short is high. I find on most models BTC
is moderately undervalued - circa 18% versus USD - which is an important leg to the USD devaluation stool.
Overall, I see the case for meaningful BTC
strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance. Difficult to trade, for sure, but I still feel the bigger BTC
risk lies to the topside.
Good luck all those buying dips in BTC