Pompliano states that Bitcoin has demonstrated greater decoupling than stocks and is now positive for the year.
The Fear & Greed index jumped from “neutral” to “greed” between Sunday and Monday.
Nexo and BitBull executives also believe in Bitcoin. $46,000 is the key price for bulls.
Bitcoin’s breakout over the past few days has included a rally to highs of $48,075 as seen in intraday trades on Monday.
BTC has moved into positive territory over the past year and shows a greater separation from the stock markets.
BTC is up, stocks down YTD
In Pomp Investments founder Anthony Pompliano’s words, “Bitcoin is destroying stocks this year,” even as the “haze” that shrouded the market at the start of the year begins to clear.
He noted that Bitcoin is rising while stocks are falling, and that the sideways action has given way to new gains in BTC which have outperformed equities.
“We are watching Bitcoin outperform the equities market year-to-date, just like it did last year and just like it’s done over the last decade or so,” the entrepreneur said.
We can see the S&P 500’s year-to date performance as -4.61%. The Nasdaq composite is 9.33% below its YTD high, while Dow Jones Industrial is at -4.45%. Bitcoin is up nearly 4% year-to-date with gains since the YTD low at $33k now approximately 44%.
Fear & Greed index
Pomp also points to the Fear & Greed index and says it’s undergone quite a shift in just a few days. There’s a lot of buy-side pressure as the “greed” index hits slightly above 60. The metric was at 49 on Sunday (neutral), and hovered around the mid-20s the week before.
Pompliano stated that Bitcoin is the king despite the fact that there has been a rally to highs above $48k.
He said that Bitcoin continues to prove it is the “ultimate secure haven asset.”
Pandemic-driven recession was experienced and bitcoin gained in value.
QE-fueled inflation led to bitcoin’s price appreciation.
The war-fueled market chaos created bitcoin’s price appreciation.
Bitcoin remains the safest asset.
— Pomp 🌪 (@APompliano) March 28, 2022
According to the co-founder and managing partner at Nexo Antoni Trenchev, Bitcoin’s rally has seen it test 2022’s peak for the fifth time. With more people likely to “pile” into the market, as a result, it is possible to see further buying propel BTC-USD even higher.
“It might just be time to awaken from the Bitcoin-sideways slumber that’s been 2022,” Trenchev said in a quote Pompliano highlights in his YouTube comment.
Joe DiPasquale is the CEO of BitBull Capital. He believes bulls may now wish to see BTC/USD remain above $46,000 in order to allow for new momentum. “The coming week is also important as it marks the end of the quarter, and we could see increased volatility after that,” he told Pomp.