Hedgeye CEO Keith McCullough breaks down Bitcoin’s latest move higher in this clip from The Macro Show.
In a U.S. Quad 2 environment—where growth and inflation are both accelerating—Bitcoin continues to climb, moving further away from its trend breakdown level. While it’s currently signaling overbought in the Hedgeye process, McCullough’s signal suggests that may persist.
“Overbought can remain overbought,” McCullough says. “Things can keep going up. That's why I maintain minimum positions in things that are of consequence in my portfolio, so if it keeps going up, I keep making money.”
Still, it’s critical to monitor volatility—both in Bitcoin and across markets. While the asset historically thrives in Quad 2, it tends to break down in Quad 4 (when growth and inflation slow). And Hedgeye is currently forecasting a Quad 4 setup for July.
For now, McCullough notes Bitcoin is “not even close” to its trend breakdown level of $98,411.
Stay ahead of macro moves. Subscribe to The Macro Show.
