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Global Hedge Fund Expects Bitcoin to Hit $8K; Here’s Why
Bitcoin rebounded by almost 94 percent after bottoming out below $4,000 in mid-March. And the cryptocurrency could extend its upside momentum, according to a prominent investment management firm.Coincident Capital said Tuesday that the bitcoin price could hit $8,000, taking cues from the recovery of global equities amidst an otherwise looming economic crisis. The Cayman Islands firm highlighted the growing correlation between bitcoin and traditional markets, noting that an impending recovery in stocks could help the cryptocurrency extend its uptrend.“Bullish on Bitcoin,” tweeted Coincident Capital. “Equities pulled back today but give it time. If 6M unemployment didn’t bother equities and market is pricing a V shape recovery, at least short term. Bitcoin being correlated 60-80% these days will follow through and fill the 50% drawdown gap. IE 8k bitcoin.”
Author: Yashu Gola
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