Hugely Bullish News for Crypto
Editor’s Note: Active crypto trading isn’t something we do at Trade of the Day, but if you’re interested in cryptos, our good friend Andy Snyder of Manward Press is who you should listen to. His research below details why now is the best time to get in – even after Monday’s pullback. And if you need help with exactly what to buy, you can learn all about Andy’s favorite crypto right here.
– Bryan Bottarelli, Head Trade Tactician
This is it… the moment the Bitcoin bulls have been waiting for.
The king of cryptos just made a “golden cross” – perhaps the most bullish chart pattern of them all.
The last two times this happened, the coin’s price soared by five times on the first run and by three times on the second.
Folks got rich.
If you’ve been on the fence about buying crypto, this is the signal you’ve been waiting for.
The headlines lit up after the formation appeared in the charts earlier this month.
“BTC golden cross achieved! A bullish indicator and all-around great news for bulls!” one proclaimed.
“Bitcoin bull run expected as ‘exhausted’ bears sell at a loss,” another read.
But India’s Economic Times summed it up best… “Bitcoin on verge of eighth golden cross, portending run to new high,” it declared.
With previous crossovers leading to 3X and 5X returns, does this mean the calls for $100,000 Bitcoin by the end of the year are back on the table?
Famed crypto bull Cathie Wood sure thinks so. She’s calling for a $500,000 price tag in just five years.
The chart formation tells us the market backs her math.
Again, this is only the eighth time this has happened in Bitcoin’s history – a short history that has seen the icon go from just a few cents to highs of more than $60,000 per coin.
Each golden cross – which is a chart pattern formed when an asset’s 50-day moving average crosses above its 200-day average – notches another big long-term move for the digital currency.
In other words, as pundits celebrate the move, it marks the start of another chapter in this economy-jolting story.
But here’s the thing…
This is NOT about just Bitcoin. Scanning my various recommended portfolios, I see several other coins that have just went through similar golden crosses.
These are coins with even more explosive potential.
That’s the thing with all of this. Bitcoin may set the direction, but it doesn’t set the speed.
Good, Better… BEST
In the stock market world, we use the simple idea of “beta” to compare an individual stock’s relationship to the overall market.
If a stock has a beta of 2, it tends to move twice as far as the S&P 500 does. So if the market is up 1% in a day, the stock would likely be up 2%.
A beta of 2, by the way, is quite high and means the stock is very volatile.
In the crypto world, we tend to use Bitcoin – for obvious reasons – as the base metric. Like the S&P 500, it serves as a general barometer… the benchmark to beat.
Unlike beating the S&P 500, though, beating Bitcoin isn’t all that hard. And it doesn’t require additional volatility in the form of a higher beta.
Looking back through some of the market’s biggest winners, we see many cases where low-beta cryptos have easily beaten the 60-day return of Bitcoin by 2X, 3X or even 5X… especially after a bullish setup like the one we’re seeing now.
My advice is simple. Now is the time.
Bitcoin sets the tone, but it’s the smaller, lesser-known coins that I believe will see the biggest share of the gains.
For more on my No. 1 “trader grade” coin pick right now… click here.
This one checks all the boxes AND could be just days away from its own golden cross.