Three reasons Luke Lango expects more bullishness for Bitcoin … banking chaos, a dovish Fed, and growing risk-on appetites … PacWest drops again … year-to-date performance for top cryptos
As I write Thursday early-afternoon, regional bank PacWest is down 26% on news that its deposits declined 9.5% during the week of May 5.
We’ll return to this in a moment, but let’s pivot to a topic that might appear unrelated at first…
As you can see below, the grandaddy crypto has been rangebound since mid-March.
The question now is “will it break out to the north or south?”
Well, yesterday, Bitcoin climbed after the CPI report showed continued progress on inflation. Today, it’s down slightly as the PacWest bank news has investors on edge.
While headlines will certainly push Bitcoin’s price around in the short-term, what we want to know is where it’s headed over the longer-term. Fortunately, the influences that dictate this outlook are growing increasingly bullish.
So, what are they?
In his latest Crypto Investor Network update, our…