Bitcoin: Think 2021 is like 2014 & 2018? Think Again.
Many bears are comparing the 2021 Bitcoin price action to that of 2014 and 2018. The BTC/SPY ratio chart suggests this time is already different. I suspect many bears will be in for a rough period ahead, and many no-coiners will be left on the sidelines as Bitcoin enters the next bull run. Two essential items to note:
1: The 30-week SMA has failed to hold the ratio down. With this week’s (pending) close, the ratio will close above the critical moving average for the third time after the “top” was put in. This close above the 30-week SMA NEVER happened in 2014 or 2018.
2: The momentum (via PPO – bottom of the chart) has failed to put in a bearish crossover as the bulls send prices higher.
1: The 30-week SMA has failed to hold the ratio down. With this week’s (pending) close, the ratio will close above the critical moving average for the third time after the “top” was put in. This close above the 30-week SMA NEVER happened in 2014 or 2018.
2: The momentum (via PPO – bottom of the chart) has failed to put in a bearish crossover as the bulls send prices higher.
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