In this clip from today’s edition of The Macro Show, Hedgeye CEO Keith McCullough breaks down the market conditions needed for the Bitcoin bottoming process to begin, along with his Signals for the Bitcoin “equity plays” (i.e. MSTR, BLOK & GBTC).
“That’s the problem with Bitcoin right now; you had too much volatility, the move was too quick. So now all the monkeys are chasing it, tweeting at me, and going all laser-eyes.
The Bitcoin bottoming process:
- Should run concomitant with the end of #Quad4 getting priced in, let’s start with that. But,
- The volatility needs to go away; you don’t need it to go higher! That’s a terrible thing for Bitcoin; and of course that’s going to drive that Implied Volatility discount, to a degree, as well.”
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