In April 2019, crypto market sentiment was still in a pit of despair…
Bitcoin had dropped more than 65% from its all-time high the previous year, while the overall crypto market was down about 70%. It was a bloodbath.
Skeptics were out in droves predicting the death of all things crypto… but here at PBRG, we saw signs of life. After 15 months of lower lows, bitcoin was trying to break out of its downtrend. And what started getting us bullish again was a stream of good news…
Major financial firms like Fidelity were setting up crypto services. And Facebook and JPMorgan Chase had announced plans to launch their own internal digital tokens.
The biggest players on Wall Street and Silicon Valley were coming into crypto, and this meant higher prices. It was simple math. But what really got us bullish was how the entire market was ignoring the good news.
Follow the News, Not the Volatile Market Prices
Whenever the market ignores good news about a beat-up asset class, it’s a sure sign prices are set for takeoff. It’s only a matter of time before investor perception catches up with reality – and sends asset prices higher.
