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Buy Bitcoin If S&P 500 Corrects Lower, Fund Manager Suggests
Summary: Investors should consider buying Bitcoin if the S&P 500 breaks lower, according to Victor Dergunov, co-founder of Albright Investment Group.The co-founder said the cryptocurrency has adequate upside potential, even though its recent attempts to break bullish on a critical resistance level near $10,000 have failed. He noted that Bitcoin might have found a bottom near $8,700, ...
Investors should consider buying Bitcoin if the S&P 500 breaks lower, according to Victor Dergunov, co-founder of Albright Investment Group.
The co-founder said the cryptocurrency has adequate upside potential, even though its recent attempts to break bullish on a critical resistance level near $10,000 have failed. He noted that Bitcoin might have found a bottom near $8,700, a level that capped the cryptocurrency’s downside correction from flourishing throughout May 2020. Dergunov took cues from a “constructive” Bitcoin futures that were trading above $9,000. “A break above $9K represents a momentum change in my view,” wrote Dergunov. “Next, BTC should test the $10K level and plausibly break out higher after that.”
Tracy Chen
Tags: S&P 500
Link: Buy Bitcoin If S&P 500 Corrects Lower, Fund Manager Suggests [Copy]
