{"id":538968,"date":"2023-06-21T21:00:50","date_gmt":"2023-06-21T21:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=538968"},"modified":"2024-06-11T08:18:23","modified_gmt":"2024-06-11T08:18:23","slug":"yes-this-is-a-bull-market-expert-explains-why-bitcoin-will-outperform-teslas-162","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/yes-this-is-a-bull-market-expert-explains-why-bitcoin-will-outperform-teslas-162\/","title":{"rendered":"“Yes, This Is A Bull Market” Expert Explains Why Bitcoin Will Outperform Tesla’s +162%"},"content":{"rendered":"

Bitcoin is finally showing some green over the past week as the cryptocurrency rose from the mid-area of its current levels. The number one crypto by market cap seems poised to extend its rally, can it finally break from its current range? <\/strong><\/p>\n

Related Reading: Nansen Forecast For Bitcoin Bull Run: Regulatory Clarity And Lower Inflation<\/a><\/div>\n

As of this writing, Bitcoin (BTC) trades at $29,000 with an 8% profit in the last 24 hours. Over the last week, BTC\u2019s price has displayed a similar performance recording a 12% profit. Other cryptocurrencies in the top 10 by market cap are experiencing profits, but BTC is outperforming other assets in the sector.<\/p>\n

\"Bitcoin
BTC’s price with small gains on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Next Bull Run, Bad News For Tesla And Tech?<\/h2>\n

The key to tracking Bitcoin\u2019s next bull run could be its correlation with tech equities<\/a>. The nascent crypto industry has been moving in tandem with this sector since 2021.<\/p>\n

At that time, the price of Bitcoin reached a new all-time high of around $69,000. The correlation with tech equities, as measured by the performance of the Nasdaq 100, has been decreasing over time and could continue this trajectory.<\/p>\n

According to the former hedge fund manager for Goldman Sachs, Raoul Pal, Bitcoin, and crypto are on track to outperform tech equities and \u201call other equities.\u201d Despite the short-term turmoil in 2023, BTC\u2019s price experienced a 75% increase year-to-date (YTD).<\/p>\n

In that sense, Ethereum (ETH), Tesla (TSLA), and other tech stocks have been rallying and will likely see further profits. As of this writing, ETH and TSLA experienced 50% and 160% profit, respectively.<\/p>\n

However, Pal believes BTC will take the crown in the short term as the cryptocurrency extend its \u201cbull market.\u201d According to Pal, the bear market for BTC ended in October 2022 as liquidity across the financial sector bottomed out.<\/p>\n

As seen in the chart below, liquidity and financial conditions have been improving, according to Pal. In the past, whenever liquidity increased, BTC and equities followed.<\/p>\n

\"Bitcoin
Liquidity and market conditions improving, will BTC follow? Source: Raoul Pal via Twitter<\/strong><\/a><\/figcaption><\/figure>\n
Related Reading: US Bitcoin Investor Trading Volume Rises, Stage Set For Another Massive Rally?<\/a><\/div>\n

The expert added<\/a> expanding on BTC\u2019s capacity to outperform tech while breaking its long-term correlation with these financial assets:<\/p>\n

Yes, tech is VERY overbought. Yes, it will correct at some point. Yes, this is a bull market. \u00a0When tech corrects, crypto probably explodes to new highs on the year again too. Welcome to the Exponential Age.<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is finally showing some green over the past week as the cryptocurrency rose from the mid-area of its current levels. The number one crypto by market cap seems poised to extend its rally, can it finally break from its current range? Related Reading: Nansen Forecast For Bitcoin Bull Run: Regulatory Clarity And Lower Inflation As of this writing, Bitcoin (BTC) trades at $29,000 with an 8% profit in the last 24 hours. Over the last week, BTC\u2019s price has displayed a similar performance recording a 12% profit. Other cryptocurrencies in the top 10 by market cap are experiencing profits, but BTC is outperforming other assets in the sector. Bitcoin Next Bull Run, Bad News For Tesla And Tech? The key to tracking Bitcoin\u2019s next bull run could be its correlation with tech equities. The nascent crypto industry has been moving in tandem with this sector since 2021. At that time, the price of Bitcoin reached a new all-time high of around $69,000. The correlation with tech equities, as measured by the performance of the Nasdaq 100, has been decreasing over time and could continue this trajectory. According to the former hedge fund manager for Goldman Sachs, Raoul Pal, Bitcoin, and crypto are on track to outperform tech equities and \u201call other equities.\u201d Despite the short-term turmoil in 2023, BTC\u2019s price experienced a 75% increase year-to-date (YTD). In that sense, Ethereum (ETH), Tesla (TSLA), and other tech stocks have been rallying and will likely see further profits. As of this writing, ETH and TSLA experienced 50% and 160% profit, respectively. However, Pal believes BTC will take the crown in the short term as the cryptocurrency extend its \u201cbull market.\u201d According to Pal, the bear market for BTC ended in October 2022 as liquidity across the financial sector bottomed out. As seen in the chart below, liquidity and financial conditions have been improving, according to Pal. In the past, whenever liquidity increased, BTC and equities followed. Related Reading: US Bitcoin Investor Trading Volume Rises, Stage Set For Another Massive Rally? The expert added expanding on BTC\u2019s capacity to outperform tech while breaking its long-term correlation with these financial assets: Yes, tech is VERY overbought. Yes, it will correct at some point. Yes, this is a bull market. \u00a0When tech corrects, crypto probably explodes to new highs on the year again too. Welcome to the Exponential Age. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":538971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-538968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n"Yes, This Is A Bull Market" Expert Explains Why Bitcoin Will Outperform Tesla's +162%<\/title>\n<meta name=\"description\" content=\"Bitcoin is finally showing some green over the past week as the cryptocurrency rose from the mid-area of its current levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"“Yes, This Is A Bull Market” Expert Explains Why Bitcoin Will Outperform Tesla’s +162%","url":"http:\/\/wncen.com\/news\/yes-this-is-a-bull-market-expert-explains-why-bitcoin-will-outperform-teslas-162\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/yes-this-is-a-bull-market-expert-explains-why-bitcoin-will-outperform-teslas-162\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-BTCUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C426"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-06-21T21:00:50Z","datePublished":"2023-06-21T21:00:50Z","dateModified":"2024-06-11T08:18:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"“Yes, This Is A Bull Market” Expert Explains Why Bitcoin Will Outperform Tesla’s +162%\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/yes-this-is-a-bull-market-expert-explains-why-bitcoin-will-outperform-teslas-162\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/yes-this-is-a-bull-market-expert-explains-why-bitcoin-will-outperform-teslas-162\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/Bitcoin-BTC-BTCUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C426\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-06-21T21:00:50Z\",\"datePublished\":\"2023-06-21T21:00:50Z\",\"dateModified\":\"2024-06-11T08:18:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C426","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538968"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=538968"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/538971"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=538968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=538968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=538968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}