Long-Term Bitcoin Holders Reloaded in October, Hedgeye CEO Says, Right Before BTC Rally Began
Head of Hedgeye Risk Management Keith McCullough took to Twitter to share that he and other full-cycle investors "reloaded" on Bitcoin, starting from Oct. 12, when the flagship digital asset started rising slowly but surely.
Buying back into Bitcoin after dropping it
On Oct. 12, 24-hour Bitcoin volumes doubled from $37 billion to $64 billion, and the king crypto began a gradual rise that accelerated in November and December.
McCullough also got back into Bitcoin on that day, according to his tweet, after he had sold it in September and garnered a lot of criticism from the community.
He dropped BTC because the economy moved into Quad 4. Quads are economic regimes, according to the company's GIP model, and Quad 4 is characterized by a drop in both inflation and growth, while being bearish overall for risk assets.
Four days after the Hedgeye CEO sold his Bitcoin, the world's biggest crypto surged above the $11,000 level. On Oct. 22, BTC breached the $13,000 level.
But by then, McCullough had already gotten back into Bitcoin.
Yuri MolchanBitcoin flips $41,000, surpasses Facebook's market cap
Earlier today, Bitcoin soared past the $41,000 level, displaying almost 10 percent growth. At press time, the coin is changing hands at $41,225, as per data from CoinMarketCap.
Some believe that the current Bitcoin rally above $30,000 has been driven by large amounts of BTC acquired by crypto whales in December 2020.
While surging above $41,000, Bitcoin also surpassed Facebook in terms of market cap value. On Jan. 6, BTC accomplished nearly the same with Tesla, matching its market capitalization figure.
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