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The bitcoin price has topped $65,000 per bitcoin, climbing to levels not seen since September, while MicroStrategy founder Michael Saylor has revealed the company’s $100 trillion “endgame.”
Now, as JPMorgan analysts issue a surprise bitcoin price prediction, traders are betting on a continued rotation out of China stocks and into bitcoin and crypto.
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China’s president Xi Jinping has overseen a crackdown on bitcoin and crypto in the country which has … [+]
“Markets are probably taking a disappointing China stimulus to be positive news for bitcoin, as capital rotation from bitcoin into Chinese equities was understood to be previously weighing on crypto prices,” Caroline Mauron, co-founder of crypto derivatives liquidity provider Orbit Markets, told Bloomberg.
On Saturday, China’s finance minister Lan Foan promised to “significantly increase” debt to revive the country’s stalled economy but failed to put an exact number on the overall size of the stimulus package.
“We didn’t get much over the weekend, but our expectations were not for much anyway, I still think more fiscal stimulus is coming, this year and in coming years,” Mohit Kumar, chief financial economist for Europe at Jefferies, told Reuters.
Earlier this month, traders were told to “expect fireworks” by analysts David Brickell and Chris Mill, who wrote in their newsletter that they see the bitcoin price hitting fresh all-time highs thanks to China unleashing “a tsunami of liquidity” alongside Federal Reserve interest rate cuts.
However, some market watches fear the lack of detail from China officials may mean the market rally is short-lived.
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The bitcoin price has surged to over $65,000 per bitcoin on the back of new China stimulus measures … [+]
“The devil is always in the detail and once again China has glossed over how it intends to accelerate economic growth,” Russ Mould, investment director at AJ Bell, said in emailed comments.
“Investors were hoping Saturday’s event with China’s finance ministry would hold all the answers; instead, it was too top level to sustain the market’s optimism. While Chinese shares continued their ascent on Monday, the pace has slowed and some investors might now be wondering if we’ve seen the best of the rally.”