BTC Double Bottom + Possible stock market drop = what?
We've bounced off this $11,000 level twice before in August on the 4th and 11th. Maybe I'm seeing things, but I think we had a quick double-bounce that looks like a consolidated confirmation again of the $11,000 level. We're now hovering around the $11,500 point.
I personally expect a broad stock market correction around 10-15% (maybe more) sometime during September (see related chart). If, during this event, cash flees the overcrowded tech stocks and goes to Gold, it will likely go to crypto as well. If the crypto bulls push above $11,800 around that same time, and BTC follows Gold and the VIX up, we could see a jump and retest of $12,500 or higher.
Alternatively, there could be another massive liquidity event like what we saw in March this year where people pulled cash out of every investment stocks to gold to crypto. To see that, we'd have to see a massive jump in COVID cases. I doubt that. I think the correction will be heavy and market wide, but we'll see rotation of assets as opposed to a liquidity event.
HODLing crypto, and increasing cash in portfolio to buy stock or crypto dips.
I personally expect a broad stock market correction around 10-15% (maybe more) sometime during September (see related chart). If, during this event, cash flees the overcrowded tech stocks and goes to Gold, it will likely go to crypto as well. If the crypto bulls push above $11,800 around that same time, and BTC follows Gold and the VIX up, we could see a jump and retest of $12,500 or higher.
Alternatively, there could be another massive liquidity event like what we saw in March this year where people pulled cash out of every investment stocks to gold to crypto. To see that, we'd have to see a massive jump in COVID cases. I doubt that. I think the correction will be heavy and market wide, but we'll see rotation of assets as opposed to a liquidity event.
HODLing crypto, and increasing cash in portfolio to buy stock or crypto dips.
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