Cryptocurrencies
Bitcoin Breakout Is Making Proponents Wary of Another Fakeout
- Range trading makes Bitcoin look like Pong game: Chris Kline
- Correlation coefficient with stocks is near the highest levels
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Bitcoin broke out of its narrowest trading range in months in the waning days of March following a rough start to the year. Now, as the digital token approaches another key trendline, investors are wondering whether they’re being set up for disappointment again.
With the largest cryptocurrency settling in near the top of the $30,000 to $50,000 range he predicted just weeks ago, Michael Novogratz said Thursday that he was “more constructive” on crypto while also not providing a new forecast. The billionaire investor had warned earlier not to expect big gains in 2022 with the Federal Reserve raising interest rates.